Main points:

• Selling volatility has arguably become a crowded trade. Dick thinks this is likely to reverse as interest rates rise and market volatility increases.
• He argues that passive and active are not substitutes for each other; he believes the best asset allocators are those that carefully combine both.
• When considering the pros and cons of active and passive, investors should consider their investment horizon, fees/charges, and risk versus potential returns.
• His view is that a professional asset manager is probably better suited to take advantage of Chinese growth given the dynamics of this often challenging marketplace.