Judging by the response, my recent piece is provocative. The questions raised by Thomas are especially interesting, and I look forward to our next pint to delve a little deeper. That said, most agree that long-term investors should be heavily exposed to stocks, but the debate about how best to express this exposure is hotly contested. Simply put, the active-versus-passive debate is back. In my piece, I deliberately chose to side-step it. Of course, by arguing that it’s best expressed by investing in attractively valued stocks, I was implicitly supporting the active side. Today, I want to make that case…

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