Active Arithmetic

What is the Arithmetic of Active Management? On the Don McDonald Show, we heard from Dartmouth professor, Kenneth French about the fact that it is impossible for active investment management to succeed, in aggregate. He referred to a paper by his colleague, Professor William Sharpe, entitled "The Arithmetic of Active Management." To read this excellent paper go to:

http://www.stanford.edu/~wfsharpe/art/active/active.htm