How often have we heard the “He said, she said” argument? The active versus passive investment industry is not immune to this. In the investment industry, “she” is correct and her name is SPIVA® (S&P Indices Versus Active). You see, Mr. Active is being a bit of a rascal and not necessarily telling us the entire story. Mr. Active’s story has some holes in it...hmm! This reminds me of the Collin Raye song titled “That’s My Story (and I am sticking to it). A while back we discussed how numbers lie, just like in this case. Mr. Active also seems to be guilty of the sin of omission. What is this Active rascal not telling us. If you’re as intrigued as I am, let’s watch and find out together.