@article {Fender51, author = {William E. Fender and Brian P. Cunningham}, title = {What{\textquoteright}s the Chance of That Happening?}, volume = {2}, number = {3}, pages = {51--55}, year = {1999}, doi = {10.3905/jwm.1999.320365}, publisher = {Institutional Investor Journals Umbrella}, 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.}, issn = {1534-7524}, URL = {https://jwm.pm-research.com/content/2/3/51}, eprint = {https://jwm.pm-research.com/content/2/3/51.full.pdf}, journal = {The Journal of Wealth Management} }