underscored

@underscored

1 clip · 1 follower

Follow
Tag:feesClear

The record of a money manager who merely stays close to the market is not an outperformance record—it is a perfect recipe for underperformance after fees. The question is never 'did I beat the benchmark?' but 'did I add enough value to justify the cost of active management?' Most cannot answer yes, and most won't admit it.

Seth Klarman, Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor (1991)
2w ago

Underscored — save the words that stop you in your tracks.

Start saving quotes →