Active versus passive. No, it’s not a debate to stir the passions of the public, but in the world of investing and deciding how to gain exposure to sectors, it is a rivalry up there with the Hatfields versus the McCoys, the North versus the South, the Yankees and the Red Sox. Proponents of active investing tout the ability of astute fund managers to beat the managers and add “alpha,” that amount of outperformance attributable to the skill of the manager. On the flip side, advocates of passive investing point to the long-term inability of most active managers to beat the market and to the high fees charged for sub-par performance, not to mention the tax inefficiencies. And so the debate goes.