Epsilon Theory’s Latest: Wall Street’s Merry Pranks

“But for a universe of individual investors (and rather distressingly, probably some institutional investors, too), the message of empowerment is anything but. It’s a nudge into terrible portfolios, terrible costs and terrible outcomes. But hey, at least they got religion and implemented those terrible, far-too-actively-traded portfolios with ETFs!”


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

“If you want to do such a crazy thing, it certainly makes it easy to do.”

When Will Expertise Matter Again? Spoiler Alert: During A Bear Market

“Should the markets begin to reverse, however, investor goals will turn to capital preservation and limiting losses.”

How Passive Flows Are Distorting Liquidity And Influencing Intraday Trading

“In addition, we hear things like… I don’t want to leave a footprint across the day for some High Frequency sniffing algo.”

‘Passive Is The New QE!’: One Bank Admits We’ve Entered A ‘Black Hole’

“…which have morphed into a type of Black Hole. Money goes in and stocks never come out (as least for now).”

One Bank Warns: ‘Something’s Gotta Give’

“Just because concerns about market complacency this year proved to be wrong, it does not mean that they are not justified today, particularly as markets are even more bullish.”

Two Things: Buybacks And ETFs

Show of hands: who’s surprised?

Passive Should Never Laugh At Active

“When I see a passive manager making fun of a fundamental investor, I am perplexed. The passive manager’s very existence relies on fundamental investors keeping markets efficient.”

BlackRock Won’t Touch Bitcoin, But They’ll Gladly Sell You An ETF Nightmare

“…to all the Bitcoin fans and crypto-crazies out there, I’ve got good news: I’m siding with you on this one.”

While Vanguard Is Having An ‘Identity Crisis’, I Just Want To Know If I’m ‘Passively’ Or ‘Actively’ Long Jesus

“Are they active or passive?”

Revisiting The ‘Long Jesus’ ETF Craze

I’ll say one thing for them: they’ve got a lot of balls. 

‘Passive’ Aggressive: Here Are The Stocks Most At Risk Of Being Dumped If Flows Reverse

So you know, feel free to throw some shade towards that assessment if that’s how you’re feelin’, but…

Goldman: Passive Shift Leads To Plunge In Float Available For Fundamental Investing

“The share of stock that might trade on fundamental views has dropped to 77% for S&P500 average stock from 95%” in the space of just 10 years.

‘I Can’t Do It’

“I can’t do it. I can’t embrace the machines and the vol selling and the ETF parade and the central bankers’ “communication policy”. So I’m NOT happy. I don’t sleep well. I DON’T trust the Fed, much less love them, and I never will.”

The End Of The World: E*Trade Yacht Commercial Edition

“The dumbest guy in high school just bought a boat.”