I think Jack Mintz is absolutely right. I used to be on the Royal Bank pension plan committee, and I was part of a minority that always argued for passive investment. I think it's very difficult, if not impossible, to consistently beat the index plan in an amount equal to or greater than your charge.
Now, we were the minority. We lost. But I think that was partly the philosophy of the bank. The bank makes a lot of its money through active management, so it's a bit difficult for them to say that active management is no good.