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But the timing is suspect. He lost his job with Wellington in 1973, and immediately became a convert to passive management.

I suppose.
But you could look at the same event another way.

I gather he got fired from Wellington specifically because of poor performance, resulting from a specific move:
he had gone heavily in with a team of hot traders who he thought could beat the market, and emphatically didn't.

Such a pointed demonstration of the difficulty of beating the market could certainly lead one to consider the notion of it not being worthwhile to try.

So, yes,
(1) First he was a believer in high-fee stock picking while at a fee-based stock picking firm.
(2) Later, no longer doing that, he was a believer in the reverse: low fees and no picking. Sounds bad.

But it's worth noting the event that happened in between:
(1.5) he got his head handed to him (in both fund performance and his job) by trying, and failing spectacularly, to beat the market.

Jim
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