"During the period 1993-2000, the total return on {rating agency name deleted}'s top-rated U.S. funds averaged +106%, vs. +222% for the total stock market (the Wilshire 5000 Equity Index). What is more, these funds carried a relative risk (measured by standard deviation vs. the total market) of 1.26. Achieving but 48% of the market’s generous reward while assuming 26% more risk is hardly a tribute to the staying power of the stars"

- John Bogle of Vanguard http://www.vanguard.com/bogle_site/sp20010215.html