The financial markets are a fantastic ecosystem. There are all types of players out there: short-term vs long-term, high-frequency vs low-frequency, technical c

The financial markets are a fantastic ecosystem. There are all types of players out there: short-term vs long-term, high-frequency vs low-frequency, technical chart readers, fundamentals, macro, hedgers, punters, speculators, 401k managers, retirees, r/wsb, retail, institutional. For as long as there have been markets, there are people who think they can beat them. So active management isn't going anywhere and it certainly wont disappear. There will certainly be a time when the active managers win out over passive. On a related note: I have this particular view that most active managers inside trade. (Look at Steve Cohen, SAC/Point72 - the insider trading was rampant, and I assume that if it was this prevalent and the largest most sophisticated of funds - then its probably pretty pervasive). I think the SEC's continuous crackdown on systematic insider trading is partly responsible for the long decline of active management.