institutions who are overweight, these fang stocks started to liquidate. And this liquidation could go on and likely to go on. So all I'm saying is you don't need to ask what will trigger the decline of asset prices. You just have to watch asset prices and if they decline, they can decline a lot. And that speaks, of course, to the momentum aspect of this equation. And that brings up another question that I have for you. Is to what extent do you feel that this move out of active into passive investment strategies, in large part due to the fact that interest rate policy and government policy have made it very challenging for active investors to make returns in this market? Do you see that as being an unusually inflammatory feature of a downturn this time around? Not necessarily. And I have to clarify one point. In my opinion, the shift from active to passive is mostly induced by active managers and their consultants. The consultants will go to an active manager and they will say, well, (13/38)
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