Hello Tim,

To me you have hit the nail on the head! I raise this very point in my article last year entitled, "Alpha Wounds: Benchmark Tail Wags the Portfolio Management Dog." In particular, my words under the heading, "A Brief History of the Benchmark." Few take the road less traveled to gain AUM: earning them through performance. Most take the road very well traveled: convincing through marketing.

Yours, in service,

Jason