Hello Irwin,

Thank you for your comments, and for starting the conversation. It sounds as if you may be interested in my ongoing series entitled Alpha Wounds. Each article takes one problem that I believe is leading active managers to underperform passive managers. The first article, in particular, where I criticize benchmarking, style boxes, and tracking error seems in alignment with your comment above. You may find it here: [https://blogs.cfainstitute.org/investor/2015/07/28/alpha-wounds-benchma…]

Yours, in service,

Jason