Acceptance Quote by David F. Swensen

Active management leads to lots of poor investor behavior. It sends people chasing after whoever has the hot hand at the moment.

— Barry Ritholtz

Active investment is a zero-sum game. Passive managers don't play the game. They buy something resembling the market as a whole, or some segment…

— Eugene Fama

Everybody has a different strategy, but everybody agrees that active management does not beat the market.

— Tony Robbins

The problem that people don't understand is that active managers, almost by definition, have to be poorly diversified. Otherwise, they're not really active. They…

— Eugene Fama

It is very hard, if not impossible," he wrote in his study, "to justify active management for most individual, taxable investors, if their goal…

— Mark Hulbert

Still, I figure we shouldn't' discourage fans of actively managed funds. With all their buying and selling, active investors ensure the market is reasonably…

— Paul Samuelson

People would be a lot more skeptical if they understood that there is an incredible amount of chance in the results that you observe…

— Eugene Fama

“Ben Graham taught me 45 years ago that in investing it is not necessary to do extraordinary things to get extraordinary results. In later…

— Mark Gavagan

Active management is a zero-sum game before cost, and the winners have to win at the expense of the losers.

— Eugene Fama

With actively managed funds, people have big behavior problems. With funds that have done well, they put their money in, and when it has…

— John C. Bogle

Index funds have regularly produced rates of return exceeding those of active managers by close to 2 percentage points. Active management as a whole…

— Burton Malkiel

As a result of overdiversification, their (active managers) returns get watered down. Diversification covers up ignorance. Active managers haven't done enough research into any…

— Bill Ackman