indexing

“So I think the DOL rule itself was probably a pretty important specific catalyst for acceleration of indexing.”

“I'm talking about if you are really an exception in the way you invest, you don't have to index. You can do something that's really different, but you have to be really good at your exceptional way of doing things, and you have to be not very widely followed o…”

“I think there is a tipping point in that we're nowhere near it. It probably is somewhere past 80 and before 95. I'd be very surprised if we ever get there, because as you approach that point, fewer and fewer dollars are managed actively, and it should become e…”

“I think the world will continue to get harder for active managers as far as a business is concerned. But if you're a stock picker, if you're an active manager and you're an individual stock picker, the world's getting better for you because less people are doi…”

“You would have to see indexing get to somewhere of the magnitude of, you could put out a number there, 80, 85, 90%. Before it actually had some type of concern with the market.”

“Indexing does not set price. So indexing is a mimicking strategy of active managers.”

“In 1997 indexing was under 10% of mutual fund assets. And now it's over 50% of mutual fund assets on the equity side.”

“If you think about how rudimentary the other processes are that literally trillions of assets are invested in, at this point in this seat, I'm not quite sure why everybody feels so comfortable with their current frameworks. Because again, you could index and p…”

“And I think if you think about that category today, it's grown quite a bit, but it still has, I would say, limited product market fit.”

“I think the ubiquity of data, social media, maybe indexing, these things have added up to a market where inefficiencies are bigger and last longer.”

“Given what we've seen with particularly value strategies and this fact that spreads between cheap and expensive are still considerably wider and recently hit their widest level ever, I don't think there's a lot of evidence that only the dumb money has left and…”

“In the end, you have to have some price work. You have to find a way of paying a few thousand good analysts to help price the equities, and I don't know how they will work it out. It's over my pay grade, but one day in the distant future, there might be a very…”

“Then it started to get traction, and in the last 25 years took off, and is now more than half the market.”