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Publisher: Colleen Katz

New York, NY, Jan 2000

Larry Swedroe; Peter D. Flemming

Audience Statement: The Journal of Accountancy speaks to the CPA (Certified Public Accountant) or any

other accounting professional.

Advertising: There were many ads for computer accounting software, tax accounting software, they also

review some of the software within the magazine.

Summary:

The Journal of Accountancy speaks to a very specific audience. The articles range in focus from personal financial planning, auditing, business and industry, to new accounting techniques being used

today. The article ?The Quest to Outperform? is the focus of my summary. The deal is that investors

need to know whether active managers can consistently make money exploiting market inefficiencies

after factoring in the cost of their efforts. Mutual fund managers who have outperformed the markets

in the past make it seem easy but identifying future winners is difficult. For the majority of investors, active management has achieved inconsistent and below market results. Before recommending that clients or employers pursue and active portfolio management strategy, CPA?s and other financial managers should understand some of the costs that must be overcome for this approach to outperform the market. These costs include operating expenses and distribution fees, the cost of cash, trading expenses, market impact costs and taxes.

I would not recommend this journal to anyone other than an accountant or someone who plans to

be an accountant.

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