James-

Thank you for your comments and an extra thank you for your membership. We certainly do not intend by any measure to take the stance of actively discrediting active management. If that is your impression, then I'm very interested in discussing the matter with you - we are here to serve the membership and advocate heavily for all investors so they can receive the best outcomes possible. Over the years our CFA program curriculum has evolved significantly and we have readings dedicated to behavioral finance and even technical analysis so we are most definitely not pushing EMH as the only answer.

I can understand why you feel active management is under fire. It's easy to throw rocks at active managers for many reasons. One can make the case that "heads passive wins and tails active loses" because the industry does not have the best reputation at the moment.

I have worked for CFA Institute for over 8 years and I came from practice (active buy side equity). Internally, there are many die hard fundamental analysts. The organization believes in it and at the same time, we want an open and honest debate. If we are short changing the active side, we'll look to change that. The Enterprising Investor is a place where we encourage people to state their opinions on a forum that doesn't necessarily represent CFA Institute's official stance on the industry.

We do have content across a few of our publications that shines positive light on active management. Again, we try to be brokers and curators for insightful content. We have not turned away content related to defending active management at all and I hope we receive many submissions in the future.

I could ramble on as I find this issue important and frankly very intellectually appealing! My main concern is that I did not want to leave your comment unanswered by CFA Institute. We appreciate any and all feedback and perception matters. If you want to have a chat, feel free to reach out to me. The main number for CFA Institute is 434-951-5499.