i mean, sure? if profiting from active investing is harder, we can always spim that as we’ve upped the skills required to earn the same compensation, rather than that we’ve diminished compensation. 1/

but its actives who do the informational work behind capital allocation (to the degree it remains meaningfully done at all by contemporary markets). passives are free-riders. 2/

however you spin it — up the skill game, lower return holding skill constant — you are reducing the incentive to do the useful work. /fin