The larger point is that smart passive asset allocation is IMHO a very compelling alternative to either approach for everyday investors like you and me.
Totally agree. And, I think, so does Swensen ... both for individuals and institutions.
I'm sure you've read Pioneering Portfolio Management, but for benefit of those who haven't, that book documents Swensen's thoughts/suggestions/assumptions regarding active management by big institutional investors like the Yale Endowment fund... In that book, Swensen as much says that "active" doesn't work unless you're Yale, focus on alternative asset classes, have access to the top venture funds, top hedge funds, etc. etc. He then nicely points out you're not Yale and so won't get access to top managers
My takeaway (which I don't think conflicts with your blog post's general conclusions): If I had Bill Gates type money, a couple of dozen MBAs and Ph.Ds on in my office, and access to that very top tier of active managers (like Kleiner Perkins, Elliot Management, etc), I very possibly would go active.
Or maybe I'd just stay with my current Swensen asset allocation.