Moving Away From Closet Indexers

“Worldly wisdom teaches that it is better for a reputation to fail conventionally than to succeed unconventionallyā€¯

— John Maynard Keynes

A great deal has been written and discussed about the move toward passive investment. A recent Bloomberg article written by Barry Ritholtz quoted Bill Miller, a legendary US stock-picker, as saying the shift is not really from active management to passive but from expensive passive investment management to inexpensive passive management. Miller…