Keys to improving the odds of active management ... - Vanguard

returns by 20 basis points to compensate for the cost of investing in a low-cost index fund, the probability of the lowest-cost-quartile funds’ success rises from 36% to 40%. Although low cost has proven to be the most consistent and effective quantitative factor that investors can use (ex-ante) to noticeably improve their odds,6 it does not ................
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