Dynamic allocation emphasizes what you own as well as when you buy it
Shifting leadership trends could force portfolio decisions
The active-passive debate has never been really well framed. It's been oversimplified to the point of being meaningless. For example, the shift from actively-managed mutual funds to passive ETF's would seem like a victory for passive proponents. But if investors have moved from buying-and-holding those mutual funds to moving in and out of ETF's, is this really a shift from active to passive?
