Jack Bogle Says Trading FANG Index Futures Makes A Lot Of Sense If You Like Being A ‘Crazy Loser’

Remember, the wisdom of passive investing stems from the belief that the efforts of active investors cause assets to be fairly priced — that’s why there are no bargains to find.  But what happens when the majority of equity investment comes to be managed passively? That's from Howard Marks and it's a really inconvenient question for passive investing acolytes. See, a market that is 100% passively managed isn't a "market" - in fact, it's not really clear what would happen if the market w