Some links
Very good “10 step advise” on how to become a truely long term investor
There are still many doubts about the quality of Samsonite’s accounting
Morgan Housel on the relevance of “Long tail” outcomes
Howard Marks memo on Indexfunds, ETFs, Smart Beta and Machine Learning
Ben Evans writes about the real relevance of AI/Machine Learning
5 Examples of great annual letters to shareholders
value and opportunity 
I thought the Howard Marks piece was a good read. However, do you think that the overlay of a very low world wide interest rate environment should be taken into consideration in regards to analyzing the recent under-performance of active vs. passive? It is what it is but will there be an over-reversion to the mean that will cause more disruption than is currently being anticipated?
I don’t know. The low interest rate environment clearly has many impacts. What axactly will be seen when (and if) interest go up again significantly.