(100) "The results of this study are not good news for investors who purchase actively managed mutual funds. No investment style generates positive abnormal returns over the 1965-1998 sample period. The sample includes 4,686 funds covering 26,564 fund-years."

(302) "While much has changed over the years, some things remain the same. There is still a strong relation between risk and expected return... Some things stand the test of time."