For boatsmen, the history of rowing started more than 8,000 years ago; sailing is a relative newcomer, arriving on the scene about 3,000 years later. Likewise, for investors, the “rowing” approach to investing precedes the more modern “sailing” approach of passively buying and holding securities to realize the returns provided by the market. Crestmont Research and Ed Easterling brought together the two concepts as chapter 10 of Unexpected Returns, introducing the analogy that contrasts two vastly different investment approaches. The current secular bear market has driven investors and financial advisors to seek progressive skill-based absolute return investments, rather than to rely upon the more passive and traditional relative return investments. This excerpt from the beginning of the chapter summarizes the contrast. Investors, financial advisors, and money managers are welcome to use this analogy and this excerpt to foster a broader appreciation for the need to adjust investment strategy to the market environment (Of course, we hope that you’ll remember and recognize Crestmont Research in the process…).