Comments
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DSOne of my favorites interviews, of which there are many, because of the keen insights and fantastic humor. Brilliant. DLS
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DSThe European voters are a little like Mario Draghi in that they were able to see how a USA populist government would perform. After watching the Trump presidency, they did not vote the populist in. This can turn if the immigration question gets back on center stage. We will see how the Italian elections go in early March. DLS
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SvEuropeans are old, and conservative, they vote, and they do not vote for revolutions. They vote for comfort. This explains why Europe is dying.
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DSExcellent interview. I was out for several months and missed this interview. Many thumbs up. DLS
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DFTim H. I think your comment misses the mark. Indexation works for a period of time until it does not. Liquidity will be a massive issue at some point and that will make the indexing crowd look a bit foolish. We are not dealing in free markets compliments of The Fed and that simply distorts everything. Christopher Cole and Steven Bregman highlight objective data points regarding this phenomenon and make a convincing case as to why indexation could be the next bubble.
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KKWhats the best way to short European high yield?
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CSVery reasonable thoughts from Vincent. Personally I think the 'passive bubble' discussion is a little overdone and should be more differentiated. Not all passive is bad and not every ETF is passive. But I like Vincent's view on the lack of shareholder activism and its consequences on the management morale of listed companies. For me this is probably the strongest argument against passive investing.
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CCNot spamming...just putting out the word. Great interview. I'm trying to wrap my head around markets, cycles and how they relate to each other. I created a website to connect with others in the investing community. I am not selling anything and simply want to throw my ideas "out there" for critic / comment. As a practicing physician, no one around me seems the least bit interested in markets, debt, cycles, money, gold, etc. Thanks in advance. https://www.golddowcycles.com/
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JKA smart young man! Love it when you come up with names that aren't (yet?) well known
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THLooks like fund managers are queuing up to attack passive investing one after another - perhaps they should concentrate on improving their performance instead, might be a start.
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SARead article by Ben Carlson - http://awealthofcommonsense.com/2017/08/how-to-get-rich-with-alternative-investments/ He refers to a BCG report on managed assets. Passive investing is still a lot lower as a percentage of total assets (6%) versus 23% for managed assets. Completely debunks a lot of myths about passive investing! I guess the ones with the loudest voice get to be heard. Passive investing will continue to steal market share from active managers for years to come and the complaints about that will not end!
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ABNever get caught on tape uttering "goldilocks"
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RISpot on.
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PUnot very revealing
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RMVery good discussion! Enjoyed hearing an up to date talk on the European perspective (I think it's time to get Pippa back on).