Cut-price Woodford: Are 'clean' funds undermining the value of active management?

I am indebted to a columnist on the Evening Standard for digging up the following story: The great writer George Bernard Shaw once asked a pretty girl if she would sleep with him for £1,000. She blushed but intimated she'd consider it. “How about five shillings (25p)?” asked Shaw. "What do you take me for? A prostitute?” replied the woman. Said Shaw: "We have established that already, we're just haggling over the price.” What has this got to do with our industry? Fund pricing. The past 12 months have all been about 'clean' and 'super clean', which are descriptions for funds that are e...