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Sometimes these remarks sound to me like a salesman who says, "There's no better time to buy life insurance." What active manager ever says it's a bad time to be an active manager and it's a "passive market" as opposed to a "stockpicker's" one? I just wonder when is it a bad time to be an active manager. If you look at the actual historical stats for most of them--always. I believe there are good managers, but most aren't.
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