Proper asset allocation is the cornerstone of prudent investing. But once the allocation is made, fiduciaries have a critical decision to make: How should each asset class be invested? There are two main choices: active or passive management. Both have advantages and disadvantages. In fact, for portfolios in excess of $5 million, fiduciaries often use a combination of these approaches. Because of the greater range these days of investment opportunities and methods, it's critical that ...

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