1.  As expectations for stock market returns get lower, investors are hearing a pitch to pay for aggressive money management rather than buy and hold, Phillips says.

2.  Aggressive money managers have long used options on stocks and stock indexes to pump up their trading profits or hedge against losses.

3.  The board has been among the most aggressive state money managers in the country.

4.  This amount, more than five times what an institution might pay, was made up of margin interest and aggressive money management fees.