Did January 2018 Mark ‘Peak Retail Investors’?

Ahhh, retail investors.


Goldman: Passive Funds Appear To Be The ‘Primary Source Of Recent Volatility’

Proponents of passive investing are going to keep insisting that the epochal active-to-passive shift isn’t dangerous or otherwise prone to destabilizing markets. They’re going to take that narrative to the grave apparently.

Crazed Investors Panic-Sell Nasdaq ETF Days After Panic-Buying Same ETF

Boy, you morons are a fickle bunch, I’ll tell you what.

BIS: Passive Bond Funds May Pose Threat To Financial Stability

“Unlike active investors, they cannot express their disagreement with the decisions of individual issuers by selling their holdings.”

High Yield ETF Shell Game On Full Display

Ok, dammit….

ETF Hot Potato! Investors Were Highly ‘Active’ In ‘Passive’ During Selloff

Well damn. That moved from “early-stage” to “advanced” de-risking pretty goddamn quickly, didn’t it?

Fidelity Literally Bans Retail Investors From The Short Vol. Trade Because Morons.

“Better late than never.”

‘Air Pockets’ And Risk Hiding In Plain Sight

I’m just guessing, but…

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?