Hello Kapil,

Thank you for taking the time to comment. You are correct about the career risk that active managers take on when they stray too far from the benchmark. I address this very point in my Enterprising Investor (EI) article entitled, "Alpha Wounds: Short-Termism." In that piece I quote the work of frequent EI contributor, Joachim Klement. Here is the piece I reference there: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2693466

Yours, in service,

Jason