Active fund managers have a new explanation for years of underperformance: index funds have made their old job harder. Don and Tom examine that award-winning excuse, revisit how indexing reshaped the business, and return to the stubborn arithmetic—when active management charges more, matching the market still means losing to it after fees. Listener questions widen the lens. A UK investor wants to move from 60/40 to 50/50 without taking needless currency risk, while a family needs a sensible ...