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A new look at active vs passive (Michael Green)
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Michael Green of Thiel Macro presents a thesis that the growth of passive investing distorts how markets price new money flows. He ties short-term market behavior to longer-term demographic cycles and its effects on valuations and volatility.
HN points to it in investing threads as an argument that passive index flows distort markets and could precede a crash.
5 Hacker News mentions · 2020–2025