Do Ellis and the institutions he serves avoid owning stock of financial services companies and investment mgmt firms based on his moral opposition to active management, "high" fees and the perceived disservice to clients? I highly doubt it. If he is indexing global stock mkts as he recommends, a material % of the portfolio derives profits from the active mgmt industry he decries. Not to mention he made his fortune from Greenwich Associates, a consultancy to active managers around the world. Hypocrite.