That's a very interesting assertion. Couldn't it be that the active asset management industry is underperforming because there is so much competition that any a

That's a very interesting assertion. Couldn't it be that the active asset management industry is underperforming because there is so much competition that any alpha is nullified by cost of research and operation? It could be that if everyone only invested passively, then there would be untapped alpha in the market which would lead to greater profits to the active asset management industry. This in turn would lead to more active management firms leading to an equilibrium where alpha is nullified. Not an expert on economics. Just saying this form of bullshit may be vital to the system.