Thanks to James for passing this along.
No one can
accuse us, in these pages, of not being diligent in using our words, though we
have been accused at times of using too many. So this review switches
modalities somewhat, with more exhibits and fewer words. What won’t switch are
the themes, which are as relevant as ever: 1) the important and dysfunctional
ways in which indexation is affecting security valuations, risk, and returns;
and 2) the antithesis of indexation—active management and individual security
selection, of which we, certainly, are practitioners.
