Hi Brad,

I do believe that there are too many active managers, and especially those that have made many Faustian choices to gather AUM scale. See my series and the criticisms contained therein: Alpha Wounds. However, since you seem in a playful mood, let's play with passive management. In particular, tell me that this possible marketing statement isn't true: "Passive Management: Guaranteed to Underperform Your Benchmark, Always!" Active management when done well, and I agree that it mostly isn't, has optionality to the upside.

Yours, in service,

Jason