I like the fellow from Morgan Stanley Wealth Management "investors will not tolerate the lack of a hand on the wheel." Really? Were their hands on the wheel in 2008 and 2009?
How was the performance of those actively managed funds?
Or the fellow from LPL (why am I not surprised?) - "Index funds have a structural problem, they look backwards, not forward". "Managed funds, on the other hand, care about the future business prospects of companies". "Yes, their fees might be triple or quadruple that of an index fund, but a managed fund that charges 0.75% may be worth it".
Or the fellow who should stick with the practice of law instead of his amateur try at explaining this gem "If all investors followed Mr. Makiel's advice to buy only index funds, stock prices would become wildly inaccurate. Active investors are the ones who analyze information and keep prices reasonably correct. In other words, a world of all passive investors is a disequilibrium"