FYI: Bill Miller, the legendary stock picker at Legg Mason Capital Management who beat the Standard & Poor’s 500 Index for 15 consecutive years, has an intriguing theory about why investors have been abandoning active investments. Although some people see passive investing as a form of active investing, he sees the precise opposite phenomenon.
Regards,
Ted
http://ritholtz.com/2016/10/bill-miller-closet-indexers-killing-active-investing/
