Viewing the active versus passive debate by studying individual asset class comparisons is useful, but it misses an important dynamic that benefits portfolio returns that hold several different index funds representing multiple asset classes.
That dynamic is giving the largest players such as Exxon a competitive advantage because they can hold their leases for decades and can afford to wait until the price of natural gas rises.
That feeling seems to have taken hold in India and many other parts of the world, all going through the kind of dynamic change that creates a need to question everything.