Quotes on Fees

Speculation is a loser's game. Because of the costs, it has to be a loser's game.

If your preference is managed funds, you want a managed fund that, one might put it, is like a sailboat fighting not a typhoon of costs but only a breeze.

I've often said that the efficient market hypothesis, or EMH, has a lot of truth to it, but the CMH -- or "cost matters hypothesis" -- is eternally truthful to the last penny.

On average, the average large-stock fund manager produces average returns before fees and below-average returns after fees. So compared with after-fee returns, an index fund is superior.

If all that can be promised is an average result, how can managers expect to be paid large fees for providing that average result?