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The conundrum that we address in this paper is why is active management so strongly supported (and paid) when the evidence suggests that it does nothing for its clients. We first discuss the evidence that provides the supports this statement and then attempt to provide an explanation. In so doing we will consider such topics as whether fund managers are bereft of skills, why lack of skills should not dissuade one from pursuing a career in the industry, the principal-agent problems that plague the industry and many more.
