In investing, there’s a competition that’s a lot like “The Tortoise and the Hare.” Remember the story? The tortoise, exasperated with the hare’s incessant antagonizing, challenges him to a race. Our industrious tortoise doggedly pursues his objective. But the hare, confident of his victory, takes several detours. Hearing the commotion in the distance as the tortoise approaches the finish line, the hare makes a furious dash — only to lose to the tortoise by mere inches. The moral: Slow and steady wins the race. There’s a parallel in the debate between active management vs. indexing. Active management is viewed as the faster, sleeker, more sophisticated approach to investing. Indexing, on the other hand, with its low fees and academic theorizing, is seen as a strategy for ivory tower academics and unsophisticated investors. But which one is the better investing strategy? What Is Indexing? First off, let’s distinguish between an index — a...