Amidst this wave of complexity, have we forgotten the fact that the most productive investing is the simplest investing, the most peaceable investing, the lowest-cost investing, the most tax-efficient investing—investing with the most consistent strategies and over the longest time horizon? Apparently so. And I’m afraid that the new jazzed-up

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In an environment of above-target inflation and persistent deficit spending, the aggregate investor allocation to equities is likely to remain well supported until activity turns. Putting these factors together, we think that the sustained outperformance of equities has likely reached its zenith, and a correction in these dynamics can come in one

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Yet passive investing destroys the price discovery process. No risks are taken and no investments are made based on a determinate vision of the future, because all that matters is the size of a stock or derivative and whether it will get included or excluded from an index. As a result, financial markets have become homogenized, dominated by a few

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