The more refined argument I've seen is that 'Alpha - Fee' is negligible, not that alpha doesn't exist. Once high-performing active managers are found they raise

The more refined argument I've seen is that 'Alpha - Fee' is negligible, not that alpha doesn't exist. Once high-performing active managers are found they raise their fees accordingly. RenTec is one of the world's best performing funds, but also one of the most expensive. The only way to "win" with RenTec would have been to identify them BEFORE they had a proven track record. And that is much more of a gamble. Some folks have tried to address this with funds of funds. But then top performers average out and you loose most of YOUR alpha again.