Quotes by Edward F. Renshaw and Paul J. Feldstein

(362) “The evidence that can be cited, however, indicates that the average return from professional advice and continued supervision is very low. In many cases it is zero or negative; in other words, investment companies as a whole have not outperformed representative stock averages which could form the basis of an ‘unmanaged’ portfolio.” –
- The Case for an Unmanaged Investment Company, 1960