"Beating the market is a zero-sum game for investors. Money managers, as a group, must provide the market return... But that return comes only before their exorbitant fees, operating expenses, and portfolio turnover costs are deducted. The zero-sum game before costs becomes a loser’s game after costs."
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Gilbert Lecture, Princeton University, Feb 21, 2013
https://en.wikiquote.org/wiki/John_Bogle
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John Bogle
John Clifton "Jack" Bogle (May 8, 1929 – January 16, 2019) was an American investor and business magnate. He was the founder and chief executive of The Vanguard Group and is credited with inventing the index fund.
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