So you know, feel free to throw some shade towards that assessment if that’s how you’re feelin’, but…
Category: ETF
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 policyâ€. 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.”
When ‘Trillions Of Dollars’ Goes ‘Blind’: Howard Marks Is Worried About ETFs & Passive Investing
“ETFs don’t have fundamental analysts, and because they don’t question valuations, they don’t contribute to price discovery.  Not only is the number of active managers’ analysts likely to decline if more money is shifted to passive investing, but people should also wonder about who’s setting the rules that govern passive funds’ portfolio construction.”
Goldman Exits ETF Market Making, Leaves You In Capable Hands Of “Lesser-Known” Firms
“While some of our liquidity providers have narrowed their presence, it has opened the door for many more firms to enter the marketplace with positive results.”
‘Uncharted Territory In ETF Land’: Inflows To Market ‘WMDs’ Blow Away Records
“We’ve said this before and to be sure, it’s not a popular thing to say if you’re hanging out with retail investors or anyone who isn’t an active manager, but fuck it”…
The Problem With ‘Simple’ Markets
“The only people who don’t think this market is simple are hedge funds and perma-bears who try to make it complex. Yet even as they are continually wrong, they are right.”
Who’s Super Excited About Momentum Smart Beta ETFs For Q3?!
All of your hands should be raised…
You Could Invest In The New Quincy Jones ETF, But Quincy Doesn’t Recommend It
“Disclaimers by Quincy Jones: Quincy Jones is not the issuer or a sponsor or promoter of the Fund; has not passed upon the merits of the Fund or the suitability of the Fund Shares as an investment by any person; and does not offer, sell, or recommend any investment in Fund Shares.”
ETFs To The Rescue!
“ETFs own almost 6% of the equity market, the highest ETF share on record. In contrast, mutual fund ownership fell to its lowest level since 2004 (24%).”
Peter Pan’s Revenge: Kuroda Thinks You’re Crazy To Think BoJ Is Not Still Crazy
“The moment you doubt whether you can fly, you cease forever to be able to do it.”
Chart Of The Week: Some Folks Are Trying To Pick Stocks Again
Right, so the thing about “alpha” is that it’s really fucking hard to generate when
As Short Interest Jumps And Outflows Rise, Bill Blain Warns: “The Amount Of Passive Money Is Scary”
“The liquidity implications of the amount of cash tied up in ETFs are dimly understood. The amount of passive money is scary. Folks might just want it back sometime.”
The Ugly Truth About ETFs Is Revealed (In A Footnote)
“[This assumes] the ETF secondary market remains balanced between buyers and sellers. this higher liquidity profile of ETF assumes secondary market liquidity does not disappear, which may be the case in theory during a sell-off or a one-way market. In these instances, the client (sale) order execution would require tapping underlying market liquidity. ETF liquidity would then just be the same as that of the underlying assets. If these underlying exposures are not liquid, ETFs would be not liquid either.”
Why You Shouldn’t “Invest” In 3X ETFs: Exhibit “B”
On Friday, people are buying the “Brazil just proved their political crisis is intractable” dip.
“Even Crack Dealers Wouldn’t Be Ok With This” – 4X ETFs And The Idiot Tax
“That’s fine, but if it really is the pros doing the trading in this, why not make them futures (with the requisite risk disclosures?) Why give grannies and dentists the chance to dabble with compounding risks that they almost certainly don’t understand?”
Buy It All Dammit.
But it all, goddammit. Buy it all.
Long Jesus: For Only 6 Times The Cost, You Can Be A “Biblically Responsible” Investor
Oh, Jesus Christ. Literally. So over the weekend, we ruffled some feathers both here and
Presenting: “March Madness For ETFs”
It’s official: we’ve run out of ways to paraphrase ourselves when penning introductions to ETF
If You Buy The “ETF ETF,” You’ve Gone Full Retard – Here’s Why
I’ve written a more polite version of this elsewhere, but I think it deserves to
One Manager Warns: “Today’s Weapon Of Mass Destruction Is A 3-Letter Word: ETF”
“The weapons of mass destruction during the Great Financial Crisis were three-letter words: CDS (credit default swap), CDO (collateralized debt obligation), etc. The current weapon of mass destruction is also a three-letter word: ETF (exchange-traded fund). When the world decides that there is no need for fundamental research and investors can just blindly purchase index funds and ETFs without any regard to valuation, we say the time to be fearful is now.”
Exposing The Real Reason Active Managers Can’t Perform: “It’s Not You, It’s Me”
“In the meantime, active managers might need a bit of therapy to restore their relationship with the market.”
CitiWide Change Bank Is Back: Emerging Markets ETF Edition
I’m not sure how many times I’m going to have to go over this, but what
Look! More Crazy ETF Charts
“It’s not entirely clear when the “enough is enough” moment will come in terms of highlighting charts that illustrate the epochal (and increasingly dangerous) shift to passive versus active management, but I don’t think we’re there yet.”
One Flow Chart Shows How “Simple” ETF Trading Really Is
[Warning: sarcasm ahead]
Goldman: Your Favorite Stock ETF May Be Creating A Gross Misallocation Of Capital
At the risk of turning Monday into “Heisenberg’s anti-ETF crusade” day, I’m going to show
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