“Beating the market is a zero-sum game for investors. Money managers, as a group, must provide the market return… But that return comes only before their exorbitant fees, operating expenses, and portfolio turnover costs are deducted. The zero-sum game before costs becomes a loser’s game after costs.”

— John Bogle

Gilbert Lecture, Princeton University, Feb 21, 2013

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John Bogle 4

1929–2019

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