Dear Brad, thank you for your feedback. The research highlights that fundamental analyst research does add value above and beyond company guidance and we highlight this in a clear measurable way. This is the first research to look at the 'post event' consensus which is a relatively new refinement excluding 'out of date' forecasts.You are correct that the 'value added' must offset the added costs of active management. Too often it doesn't because the value added is minimal and/or the costs are excessive. I have no problem with people using low cost index tracking funds. For active management to succeed the 'value-added' must offset the costs. Small investment boutiques, with high conviction portfolios and long-term horizons can add value above their expenses. Unfortunately 'closet indexers', charging active management fees, now dominate the market.