Hello Adam,

Yes, Tom and I have talked at length about the state of active management. [You may enjoy the interviews I did with him on Enterprising Investor, I believe three years ago. Just search on "Behavioral Portfolio Management" on our site.]

Firm structure may be [hint] one of the things in this series [shhhh!], among others.

Thank you for taking the time to share your thoughts so candidly.

Yours, in service,

Jason