Absolute Return Shareholder letter for March 2013 titled “Expect the Unexpected” The seemingly never-ending debate on passive vs. active investment management is beginning to annoy me. The discussion is one-dimensional and, at times, completely derailed. I shall be the first to admit that the long-only industry has not covered itself in glory in recent years. Nor has large parts of the alternative investment management industry for that matter. It is nevertheless the wrong discussion to have. Much more about this later, but let’s begin elsewhere.