The papers and scorecards behind our philosophy. Each entry links to the author or publisher page.
The papers and scorecards behind our philosophy. Each entry links to the author or publisher page. We re-verify every link each year.
Sharpe, William F. "The Arithmetic of Active Management." Financial Analysts Journal 47, no. 1 (January/February 1991): 7-9.
Why this matters: Before costs, the average active and passive dollar earn the same market return, yet after active management's higher costs the average active dollar must lag. That is why we focus on what we can control: costs, taxes, and allocation.
Read the full text on the Stanford siteAccessed September 2026.
French, Kenneth R. "Presidential Address: The Cost of Active Investing." Journal of Finance 63, no. 4 (August 2008): 1537-1573.
Why this matters: Active investing consumes a measurable share of market returns in fees and trading, so every dollar spent trying to beat the market must first be earned back.
Find the paper on Professor French's faculty pageAccessed September 2026.
Fama, Eugene F., and Kenneth R. French. "Luck versus Skill in the Cross-Section of Mutual Fund Returns." Journal of Finance 65, no. 5 (October 2010): 1915-1947.
Why this matters: Once luck is separated from skill, vanishingly few managers show persistent outperformance net of costs. We therefore build plans that never depend on picking those managers in advance.
View the abstract on SSRNAccessed September 2026.
S&P Dow Jones Indices. SPIVA U.S. Scorecard and SPIVA Persistence Scorecard. Updated on a recurring basis. Consult the current edition at the linked hub.
Why this matters: S&P's regularly updated scorecards show most active funds trailing their benchmarks over multi-year stretches. They provide live, ongoing confirmation of the arithmetic above.
View the current scorecards on the SPIVA hubAccessed September 2026.
Vanguard. "Four Timeless Principles for Investing Success." Investor Resources and Education, December 2023. Companion to Vanguard's November 2023 research paper, Principles for Investment Success.
Why this matters: Vanguard's practitioner framework lands where our process does. Goals, balance, cost control, and discipline matter more than market predictions.
Read the article on the Vanguard siteAccessed September 2026.
Scorecard and practitioner editions update over time. Use the current edition at each linked hub. Library last reviewed September 2026.
