Hi Mike,

Yes, I think this debate is never ending, mostly because there is not an agreement on definitions and terms at the root of the arguments. Sound arguments based on flawed premises tend to be never ending : ) Regarding your point about talent...this just so happens to be one of the Alpha Wounds I will be addressing in a forthcoming piece. So clearly I agree with you, in principle. However, I had not considered the points you made, so thank you for making them!

Regarding your study idea. I love this idea. I have a couple of ideas that would also help to redress the imbalance in comparisons between active and passive managers. Perhaps most importantly, I am well aware of a major study that is extremely strong evidence for the qualities (and investment quantities thus generated) by active management. This research is co-sponsored by a major US brokerage. However, I am not allowed to say more. Trust that I will be promoting it on social media once it is out.

Yours, in service,

Jason