Hi Elliot,

Thanks for the praise and for the question. Regarding my statement...I was referring to the closet indexer. The money manager that looks at the portfolio holdings and thinks that it is a radical alpha generator to overweight by less than 100 basis points a particular sector because of a macroview. Or the money manager that looks at the portfolio holdings twice yearly of the top performers' in his/her category and buys the same stuff so as to minimize the amount by which they trail. And so on. Lots of examples.

The results of our business our objectively measured, not subjectively. In short, "Show me the money!" of a strategy.

Hope that helps to clarify!

Jason