The reasoning behind this strategy stems from the belief that parts of the financial markets are efficient and should be invested in with index funds while other parts are inefficient and this where active management is fruitful.

FORBES: 1 in 20 Fund Investors Beat the Odds

Eskridge wrote a brief urging the Romer strategy in the Ninth Circuit case and the court adopted that very reasoning in its decision.

FORBES: DOMA Is Dead. So Where Does That Leave Gay Couples?

Having failed to make the strategy work at Sears, he carried it over into Dean Witter's merger with Morgan Stanley, reasoning that linking the underwriting of securities with their sale to the public had to have some value.

ECONOMIST: UnfulPhilled