Proponents of the EMH conclude that, because of the randomness of the market, investors could do better by investing in a low-cost, passive portfolio. Data compiled by Morningstar Inc. through its June 2015 Active/Passive Barometer study supports the conclusion. Morningstar compared active managers’ returns in all categories against a composite made of related index funds and exchange-traded funds (ETFs). The study found that year-over-year, only two groups of active managers successfully outperformed passive funds more than 50% of the time. These were . small growth funds and diversified emerging markets funds.
It's an incredibly powerful discipline to put in place a rule of thumb that deals have to be accretive within some [specific] period of time. At Citigroup, my rule of thumb is it has to be accretive within the first twelve months, in terms of EPS, and it has to reach our capital rate of return, which is over 20 percent return within three to four years. And it has to make sense both financially and strategically, which means it has to have at least as fast a growth rate as we expect from our businesses in general, which is 10 to 15 percent a year.
Putnam then contrasts the countertrends of ever increasing mass-membership organizations, nonprofit organizations, and support groups to the data of the General Social Survey . This data shows an aggregate decline in membership of traditional civic organizations, supporting his thesis that . social capital has declined. He then asks the obvious question "Why is US social capital eroding?".  He believes the "movement of women into the workforce",  the "re-potting hypothesis"   and other demographic changes have made little impact on the number of individuals engaging in civic associations. Instead, he looks to the technological "individualizing" of our leisure time via television , Internet , and eventually " virtual reality helmets".