Passive Investing

Passive investing is rather active.

In the long run, we’re all long Tencent.

Exchange traded products that can self-determine whether they trade passively or more actively introduce all sorts of new risks for investors and the wider market.

If Japan’s largest pension fund wants to lead on stewardship, it needs to pick better battles.

Soc Gen is depressed.

GMO’s Peter Chiappinelli is worried about a benchmark bond index.

The star fund manager turns contrarian as he enters his dark night of the soul.

How a baccarat binge helped launder the world’s biggest cyberheist; how passive investing is now in danger of devouring capitalism; how credit raters ducked reform; an honest business news update; the Irish Farmers Journal weighs in on what you could buy instead of Neymar; other stuff.

“When it’s time to head for the door, you better move fast.”

Area fund manager decries threat to his business.

Jeff Gundlach appears at SALT as a hologram; the SEC might kill the quadruple-leveraged S&P 500 ETF; Darwin visits Wall St; can we still rely on collective wisdom; “To Woo Millennials, Financial Advisers Dress the Part”; unpleasant thoughts you had and the things you bought to stop having them; other stuff.

A note that’s either an exercise in wishful thinking, or a warning that darker days are ahead for passive allocators. Perhaps both.