David,

Thanks for your comment. Evidence supporting the value of active management can be found here:

http://www.marketwatch.com/story/index-funds-beat-active-90-of-the-time…

Also feel free to google 'active share'.

I understand that your study or your point addresses picking managers vs supportinag passive management. Picking active managers is a form of active management in my opinion although I personally do not perform this role. We can all find studies that support our belief system. However, I still contend that the conversation out of CFAI and its periodicals has become increasingly hostile towards active managers. I further don't believe that most of it is justified. I also think that this particular article is an example of that. Just look at the author's job description by clicking on his name at the beginning of the article.

If you want to know why I have this opinion just casually browse through the articles in the Enterprising Investor blog or the Financial Analyst Journal. Many of those authors make a lot of money pushing the passive side of the debate. Many of the academics have never worked with clients.