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macrocephalopod's profile
macrocephalopod
macrocephalopod
macrocephalopod
@macrocephalopod

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macrocephalopod

@macrocephalopod

Paul Allen, Vice President M&A, Pierce & Pierce (Sie/Hir) | Vegan | Silence is Violence | Women’s Rights Are Human Rights | ACAB (Assigned Cephalopod At Birth)

Joined December 2020

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    1. macrocephalopod‏ @macrocephalopod 2 Oct 2021

      This is better than most articles on this subject but still a fairy tale. Passive investing (buying everything in proportion to market cap) by definition creates no relative price impact. Price impact is only created by active trading.https://www.ft.com/content/994bdda8-b704-4e4c-9b19-4e0021f0b309 …

      7 replies 6 retweets 71 likes
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    2. macrocephalopod‏ @macrocephalopod 2 Oct 2021

      Switching from an active to a passive fund creates essentially no *absolute* price impact either because most active funds are nearly always fully invested (maybe 3-5% cash). Increasingly they are shadow indexing too so active -> passive switch barely even causes relative impact.

      2 replies 1 retweet 9 likes
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    3. Seto‏ @risk_conduit 2 Oct 2021
      Replying to @macrocephalopod

      Not sure I get your point. Presuming 3-5% cash, absolute pi would be a function of the available liquidity of the stock relative to the desired position size imo. The relative price impact point is an interesting thought.

      1 reply 0 retweets 0 likes
    4. macrocephalopod‏ @macrocephalopod 2 Oct 2021
      Replying to @co_variance

      By absolute price impact I mean impact on the valuation of all stocks (eg total market price to earnings). If you redeem from a fund which is 97% invested in US stocks and buy a fund which is 100% invested in US stocks you won’t change the overall market valuation.

      2 replies 0 retweets 1 like
      macrocephalopod‏ @macrocephalopod 2 Oct 2021

      Of course you can change relative valuations if the fund you redeem from has a high active share.

      2:37 AM - 2 Oct 2021
      0 replies 0 retweets 0 likes

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