I'll keep it simple.. on historic mortgage affordability measures Sydney had become and still is just way too expensive ...and that's before the RBA lifts rates.. .I foresee sluggish price weakness for several years to come...

On Is it time to buy Sydney property? -

As you note, the MorningStar Institutional Survey excludes active performance fees, which may well eat up most of that marginal out performance by the 'average' manager. The survey also does not appear to allow for survivorship bias - i.e. under performing managers exiting before the 10-year period ends. The result seems great but defies most other financial research evidence, including S&P's SPIVA survey.

On Why active management works in Australia -

Hi Jerome. Thanks for reading my post but I think you miss the whole point of index investing. The core produces asset class "beta" returns and so is cheap as it does not try to generate alpha returns. It is hardly "risky" or "sub-optimal". If you know a great alpha fund that more than makes up for its (assumed) higher fees through higher returns then good luck to you.. but the evidence suggests most can't do that consistently..

On Blending active and passive: Analysing the key benefits of core/satellite investing -

Thanks for your comments and passing on your research finding. As you say I am sure there are a few fundies that can outperform over time.and a few strategies they seem to work . but finding them and sticking with them is hard as even they may go through periods of under performance. In general, everyone can't beat the market! Cheers David

On Thoughts on the Active vs Passive Debate -