Mr. Kritzman, who also teaches a graduate course in financial engineering at M.I.T.’s Sloan School of Management, set up his study to accurately measure the long-term impact of all the expenses involved in investing in a mutual fund or hedge fund. Those include transaction costs, taxes and management and performance fees.

Excuse me, but, no. What I do is engineering. What those blowhards do is financial maneuvering.

Probably you can tell I read this article before the one about index funds.

-janelane, simmering

Strategies - The Index Funds Win Again - NYTimes.com