“If active managers win, it has to be at the expense of other active managers. And when you add them all up, the returns of active managers have to be literally zero, before costs. Then after costs, it's a big negative sign”

— Eugene Fama

Cited in: Lawrence Delevingne. " Nobel winner Fama: Active management 'never' good. http://www.cnbc.com/id/102014057" at cnbc.com. 19 Sept. 2014.

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Eugene Fama 6

American economist and Nobel laureate in Economics 1939

John Bogle (1929–2019)

Gilbert Lecture, Princeton University, Feb 21, 2013

“Experience is the consequence of activity. The manager literally wades into the swarm of "events" that surround him and actively tries to unrandomize them and impose some order: The manager acts physically in the environment, attends to some of it, ignores most of it, talks to other people about what they see and are doing.”

Karl E. Weick (1936) Organisational psychologist

Source: 1970s, Social Psychology of Organizing, (1979), p. 148

“Management has to get right in there and be active when it comes to quality.”

Philip B. Crosby (1926–2001) Quality guru

Source: Quality Is Free, 1977, p. 14

“Management is not people, it is an activity like walking, reading, swimming or running. People who perform management can be designated as managers members of management, or executive leaders.
In addition, management is a distinct activity. It can be studied, knowledge about it obtained, and skill in its application acquired.”

George R. Terry (1909–1979)

Source: Principles of Management, 1960, p. 6 (6th ed. 1971)

“Management as an activity has always existed to make people’s desires through organized effort. Management facilitates the efforts of people in organized groups and arises when people seek to cooperate to achieve goals.”

Daniel A. Wren (1932) American business theorist

Source: The evolution of management thought, 1972, p. 11-12 (in 1972 edition)

Arthur G. Bedeian (1946) American business theorist

Daniel A. Wren & Arthur G. Bedeian (1972: 11-12); as cited in: Le Texier, Thibault. "The first systematized uses of the term “management” in the eighteenth and nineteenth centuries." Journal of Management History 19.2 (2013): 189-224.