Of course he's talking his own book, but I don't believe that detracts from the point he's making.
It's really just a more eloquent expression of what some of us have been saying here recently.
Another thing to consider....what about the active manager who matches or just falls under the return of his benchmark index, but gets that result whilst still holding 20 percent cash? He would be perceived as a poor active manager, but everyone ignores that margin of safety built into his portfolio relative to the index.
