'How could a rational investor ignore it?': Active advocate plants the flag

We are ardent advocates of good active management; however, stating this case is to swim against the tide, as passive funds continue to grow in popularity. Now, having planted our flag with Canute-like stubbornness on the active side of the debate, we have heard most of the counterpoints to our own view. A chief one is that, collectively, all investors are the market, so the average investor will receive the market return less charges paid. It makes sense to invest in the cheapest fund you can find: the tracker. This argument is often put forward by commentators who are wrestling with...