Hello Savio,

Thank you for your comments, as always. I think if the business models of active managers remain what they are then, yes, it is difficult to compete against passive funds. However, passive funds also underperform the benchmarks, too, by their expense ratios; and this result is guaranteed. I remember all of your work on application of CFA Institute fundamentals relative to other active managers and passive managers, too.

The encroachment of winter is approaching...ugh!

Jason