activeThe Arithmetic of Active Management William F. Sharpe Reprinted with permission from The Financial Analysts' Journal Vol. 47, No. 1, January/February 1991. pp. 7-9 Copyright, 1991, Association for Investment Management and Research Charlottesville, VA "Today's fad is index funds that track the Standard and Poor's 500. True, the average soundly beat most stock funds over the past decade. But is thi
