Hi Brad,

In response to, "active management has upside-risk-even when it is done poorly...": Upside volatility is not risk, downside might be. That is the point of this article, and the point with which you agreed.

Separately, you are using historical underperformance of active management to make your point. Tom and I do not disagree with that result. In fact, our whole series is in response to that underperformance. We are making a philosophical point, whereas you are making a historical point; a point whose concession is one of our initial assumptions. Specifically, to borrow your colorful analogy, we would not pick up the gun you refer to because we know it is Russian Roulette, and whose lead manufacturer is MPT and its adherents.

Yours, in service,

Jason