This is just getting a bit cringey now isn't it
As Mike clearly knows, the defining feature of a Ponzi scheme is that money from later investors is used to pay earlier investors. Index funds aren’t anything like Ponzis. Why pretend otherwise, unless your arguments are so weak you need to embellish them to get attention?https://twitter.com/profplum99/status/1371033485889052680 …
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I guess if div yield drops below inflation you can kind of make a case only real returns are coming from multiple expansion and then maybe you can make some claim a lot of multiple expansion is explained by passive inflows... But both are quite hard arguments to make, esp 2nd one
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cringe af
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we can’t just leave it at “indexing likely has a bit of a momentum tilt which is good to be aware of.” We’re gonna go with stanning the ponzi take.
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If not being able to sell to someone else is the issue I guess we should all only have interest bearing accounts, dividend yielding stocks and other cash flowing assets like rental properties
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What he might say is if everyone tries to sell, prices will drop & they'll get less money out, & vice versa. Like with a ponzi scheme. Which of course implies literally everything is a ponzi scheme.
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His argument is not weak, it is difficult to prove imo.https://markets.businessinsider.com/news/stocks/investors-that-have-spoken-out-against-passive-investing-2019-8-1028485512 …
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What's the difference?
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I have said before the entire stock market is a Ponzi scheme. Obviously the money pay current investors is predicated on selling it to someone else in the future... ie signing up new suckers... Of course I don't own equities for this and capital requirement reasons
End of conversation
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