FYI: Perhaps the least appreciated aspect of the rise of passive fund management and the decline of active is how shamelessly the active-management industry has contributed to its own collapse. Index funds would never have been able to become such an existential threat if stock pickers had run their own businesses more thoughtfully.
Regards,
Ted
http://jasonzweig.com/the-velocity-of-learning-and-the-future-of-active-management/
