macrocephalopod

Don’t be so torn. He’s spot on.

Setting aside his comments on passive (which are just bizarrely silly) I humbly thinks he’s missing the international picture. Hard to see USD or USTs getting hit severely when all major counterparties still make them the least smelly shirts in the closet.

“Bizarrely silly”? While I’m no fan of Bob Prince, what did he say that is silly about index funds? “It has the look of a Ponzi scheme,” he said, “because if you can sell it on to someone else that’s fine but what happens if you can’t.”

Because that is basically true for absolutely every asset, financial or real?

Ha! That’s very cheeky, because you are implying that active are proxy passive. An active investor has full discretion to raise cash levels to his mandate max and to not invest in stocks that are above his fair values. Index NOT. But you know that Robin

Yes the past 300 years+ have really demonstrated how judiciously active managers manage their risk and never ever inflate bubbles or exacerbate crashes.

The “whataboutism” is strong with you today... his criticism of passive is true by your own admission. Whether he should have offered a disclaimer about every other asset style/class appears to be your concern. Will the FT make available unlimited space for future articles?