I attended a celebration in honor of the 20th anniversary for the creation of the first ETF ever State Street’s SPDR S&P 500 ETF (NYSEARCA:SPY) in Manhattan on Tuesday.  It was a swish affair as perhaps it should be given the revolution this product launched.  During the hours leading up to the reception I kept working through the question that has burned brightly since SPY was launched: Which is superior active or passive asset management?  The funny thing is I arrived at conclusion this time but not wanting to be a spoiler at the ETF party I resisted a skyward shouting “Hallelujah!”  But ...