Knucklehead author here -- happy to see all the smart discussion on this thread here. Your point here is indeed one of the main takeaways. For all practical pur

Knucklehead author here -- happy to see all the smart discussion on this thread here. Your point here is indeed one of the main takeaways. For all practical purposes the sum of active manager performance = the index. But given the probability that the active manager you pick won't beat the index (in large part determined by skewness, the academics cited would argue), is indeed the risk you introduce by taking this route. Thanks to all for reading and arguing. O