ABSTRACT
So much has been written on this subject that reviewing it in this relatively short space is a little like summarizing the Old or New Testaments. Nevertheless, I found it most interesting to re-read the more important academic articles of the last four decades. What Jensen said in 1968 about the failure of mutual funds to beat the market on a risk-adjusted basis is still valid today. The same can be said of most of the work of his colleagues over this prolonged period.
