Hamlin underlines several important points in the active vs. passive debate. Most popular media discussions of the subject focus on large cap equity market capitalisation weighted indexes where information is most transparent and the market fairly efficient. Where index construction is flawed (e.g. price weighted equity, debt outstanding credit) or where focused or high active share strategies are pursued (e.g. in small cap equity, alternative investments), the results are often in favour of active strategies. The more important question for investors is how diverse should their asset allocation strategy be? And how much is it worth paying for active strategies in less efficient and transparent asset classes?