Should some investors be banned from buying active funds?

In the active versus passive debate, there are few more enthusiastic preachers of the benefits of good active management than us. But we have recently had cause to question our faith. This theological wobble is nothing to do with the actions of active managers. Instead, our soul searching has been sparked by fund buyers. In this sense, we see parallels to the debate on dangerous dogs. The problem does not lie with the pit bulls - which are no more evil than poodles - but with irresponsible owners, whose reckless rearing turn dogs into weapons. The trends are depressing. Our own experi...