“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 photo
Eugene Fama6
American economist and Nobel laureate in Economics 1939

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