“What You Got Was The Exact Opposite”: Macro Hedge Funds Join The “Dumb” Money

I swear to God I'm starting to think that before this is all over, index funds are going to be the only damn investment option for anyone that can't trade for themselves. Everyone is acutely aware of the "active" to "passive" shift that's unfolded on a "bigly" scale over the past I don't know how many years and as I documented earlier this week in "Yes, I'll Take Vanilla Please," YTD flows into ETFs have been i) the strongest in the quarter century the industry has been around, and ii) characte