There’s something happening here
What it is ain’t exactly clear
I think it’s time we stop
Children, what’s that sound?
Everybody look what’s going down —For What It’s Worth, by Buffalo Springfield

Over the past two decades, the asset management industry has witnessed a massive transformation during which assets have migrated from active to passive approaches.

Notwithstanding the obvious appeal of passive investing, I believe that most of the debate between active versus passive management misses some critical points. Here, I discuss why active versus passive is not an either/or proposition and how the two approaches are not mutually exclusive. I will also discuss what I refer to as the three pillars of active management: the…