alex friedman with us. on investment right now.pectacular short, cogent essay on active and passive and he made very clear that his theory and your theory is a complementary investment field of passive and active together, rather than competing. how does active management and passive management complementary? main point isthe that what active is really good at his hunting price deficiencies. if you only have passive investment, then you have large-scale movements that leave pricing inefficiencies. bothuestion is can they coexist? the rise of passive investing creates more opportunities for pricing inefficiencies and that is where active inefficiencies -- efficiencies. as we have moved away from that, it is a better time to be an active investor. tom: within this is a disease. for those of you who did not take the cfa exam last week, alex friedman brushed up on it last week. use toive managers manage very tight to the benchmark. are we going to see active managers with a different portfolio than their benchmark? case, we have never