[arx1422]

Depends on which part of the capital markets. In large-cap/mega-cap equities I think it is quite hard to add value with active management. There are still large inefficiencies to exploit in the small cap arena. December was a good example. In late December you had a liquidity drought where one could buy just incredible values for a week or so.

[EliRivers]

That market drop at the end of last year; bandit territory! I only wish I'd had more cash.