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Properly measured, the average actively managed dollar must underperform the average passively managed dollar, net of costs. Empirical analyses that appear to refute this principle are guilty of improper measurement.

William Forsyth Sharpe
Average, Principles, Dollars
"Do You Want to Be Just Average?" by Larry Swedroe, www.cbsnews.com. June 9, 2010.
Properly measured, the average actively managed dollar must underperform the average passively managed dollar, net of costs. Empirical analyses that appear to refute this principle are guilty of improper measurement.