Making money (alpha), like other things, ain’t easy. This is yet another article that cites performance numbers of passive vs. active management in favor of passive management.
Perhaps it is the chase (for market-beating returns) and not the kill that excites active managers. This would be consistent with evolutionary psychology studies on dopamine levels in the brain before and after receiving a stimulus such as fruit juice.
On that note, may your stock picks “juice” your returns.
Bill Gross Is Right That It’s Tougher to Outperform