Active Versus Passive Management

For me, being able to write about something coherently helps me probably more than reading. Reading, for me, is as much recreation. I keep notes, i've got a great repository of notes, but i forget most of what i've read. The objective over all for society is that active managers gather information and impound that information accurately in prices. If markets are truly efficient, no one cannot perform, or very few people, cannot perform beyond what chance would dictate. So to me, that is the essential role.