What is the difference between passive and active equity portfolio management strategies? What is the active manager trying to generate? What factors are passive managers attempting to minimize (in absolute terms and relative to a predetermined benchmark)? Historically, have active managers been successful in outperforming their benchmarks on a risk- adjusted basis after expenses, fees, and taxes? What are the top-down and bottom-up approaches to selecting, analyzing, and valuing stocks? What does a top-down analyst focus on? Name and describe one approach used by a bottom-up analyst