After costs, only the top 3% of managers produce a return that indicates they have sufficient skill to just cover their costs, which means that going forward, and despite extraordinary past returns, even the top performers are expected to be only as good as a low-cost passive index fund. The other 97% can be expected to do worse.
Related Authors: Friedrich Nietzsche Stephen Hawking Karl Marx Robert Frost Ayn Rand John Locke Immanuel Kant