Dear Daniel,

Thank you for taking the time to share your thoughts on this matter. In past market cycles and conditions, passive investing was proved to have worked — hence the success of Jack Bogle — but moving forward, I would humbly suggest that the conditions are such which require active management to come to the fore to beat the market.

Because passive strategies are these days easily copied and with greater informational transparency than has ever existed in the past, it becomes that much more difficult to generate smart beta from a passive strategy.

But that is my biased opinion as an active alpha manager.

Thank you for taking the time and effort to pen your thoughts!

Yours,

Patrick