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let me re-phrase. the indexers argue that the entire process of active management is flawed. indexing, is therefore both price unconscious and non-selective. my proposition is that the process of active management is not flawed in general, but that strategies are often flawed, and the psychology of misjudgment is what keeps most actively managed accounts from out-performing.

it is a difficult proposition to defend with the aggregated historical statistics.

tr
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