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Because passive does not necessarily mean index. You can be passive and concentrated (see ARKK). And more importantly real world indices are moving target to begin with. They’re ju…

I know what you mean but this notion of buy and holding index was perhaps a mirage. It’s all theoretical and cynical side of me thinks it was “invented” as a way to appropriate pen…

That’s not quite right about passive and active though. It almost always resets every quarter (or other liquidity events). Passive introduced delayed price discovery and as a resul…

It’s not resurgence of active trading. It’s a new brand of highly levered trading. We’ve never seen anything like it before. This was highlighted at institution level with Softbank…