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  4. David F. Swensen
  5. When you look at the results on an after-fee, after-tax...

When you look at the results on an after-fee, after-tax basis over reasonably long periods of time, there's almost no chance that you end up beating the index fund.

David F. Swensen
Long, Looks, Investing
When you look at the results on an after-fee, after-tax basis over reasonably long periods of time, there's almost no chance that you end up beating the index fund.