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.
-Dr. Moore
Bill Gross Is Right That It’s Tougher to Outperform
https://www.bloomberg.com/view/articles/2019-03-04/bill-gross-is-right-about-alpha-getting-harder
Efficient Minds™ 
Dr. Moore, does this mean the era of trading on margin are coming to an end? Fees and interest on margin trading favors short holding periods because they can stack up and eat up returns in the long run? What are your thoughts on leveraging debt in this current market?
The presence of margin, and margin calls, detracts from market efficiency as defined in textbook theory. As a result of margin calls, abrupt and correlated sales can and do occur leading to non-normal returns.
No, I dot think the era of margin trading is over. Not as long as demand and supply exist.