Hi Ben,

First, what a great point you make about the bone to pick with active management by passive management advocates. Very provocative point, and I am inclined to agree with you : ) You have added a new way of looking at this issue to my repertoire.

Second, regarding the inspiration-imagination-thought-word-deed chain and where do most people fail. I think most people fail by not ensuring that their BIG choices (of which a buy or sell decision is one) have each of the elements present. I totally agree that translation is very difficult, too. In fact, a forthcoming piece on intuition deal with this very topic. Frankly, I think all five phases are difficult and at different times and for different reasons. I would agree with you though that investment folks (I am inventing a context here for the question, sorry) break down mostly at that inspiration-imagination-thought part.

Keep them comments coming!

Jason