Hi Brad,

I know that you are a very logical thinker, and that is aptly demonstrated by your comment library. Tom and I believe it is time for active managers to change how they invest. That is been the idea behind each article in this series. Not defending active management for how it has been executed, but instead pointing out the changes that need to be made in order for it to be done better, and perhaps even well. In your nested argument the answer to the question is that we are saying to transition from 2 to 3 there needs to be a recognition of what is wrong (see posts 1-4 for a sampling of these thoughts), and a change needs to be made to do more of what is right (see posts 5-8 for a sampling of these thoughts). In fact, I think your nested and hierarchical logic is a perfect description for how we thought about creating this series of articles.

Yours, in service,

Jason