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The Journal of Wealth Management

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Primary Article

What's the Chance of That Happening?

William E. Fender and Brian P. Cunningham
The Journal of Wealth Management Winter 1999, 2 (3) 51-55; DOI: https://doi.org/10.3905/jwm.1999.320365
William E. Fender
An investment consultant with Innovest Portfolio Solutions, Inc. He has over twenty years of experience in financial advisory services and tax consulting. He specializes in investment consulting for clients who have related income tax, estate planning, and charitable giving issues
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Brian P. Cunningham
The CEO and cofounder of Innovest Portfolio Solutions, Inc. He has over fifteen years experience in investment management and specializes in strategic planning and research
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Abstract

This article revisits the debate on the relative benefits of passive and active management processes, focusing more specifically on the U.S. large capitalization stock equity market, represented by the S&P 500 index. It starts by exploring the pre-tax investment returns that an active money manager would have to produce to equal, after-taxes, the S&P 500 index. It then compares those returns to a universe of active money managers to determine how high the manager would have placed in his peer group. The results indicate that only a very small percentage of active money managers would have produced pre-tax investment returns sufficient to outperform, after-taxes, the S&P 500 index.

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The Journal of Wealth Management
Vol. 2, Issue 3
Winter 1999
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What's the Chance of That Happening?
William E. Fender, Brian P. Cunningham
The Journal of Wealth Management Oct 1999, 2 (3) 51-55; DOI: 10.3905/jwm.1999.320365

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What's the Chance of That Happening?
William E. Fender, Brian P. Cunningham
The Journal of Wealth Management Oct 1999, 2 (3) 51-55; DOI: 10.3905/jwm.1999.320365
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