The shift to passive management is a powerful trend dominating the investment industry. The liquidity, lack of tracking error, and low costs associated with passive investing are clearly attractive. However, active management is the only way to truly outperform the market as a whole over time. Gotham Asset Management founder and co-CIO Joel Greenblatt shared his thoughts on the debate and provided insights on ways to navigate the changing landscape during CFA society Chicago's Distinguished Speaker Series luncheon on December 5, 2018.