All that matters to an investor are returns after all fees, inflation, and taxes (or what I like to call “returns you can eat”). My friend Peter Mladina has a great paper out in the JWM (that they charge $45 for) called “Portfolio Implications of Triple Net Returns”. Pair this with Ferri’s The Power of Passive Investing: More Wealth with Less Work, and Bogle’s The Little Book of Common Sense Investing and you have some solid critiques against active management.
