How asset class returns move in cycles with periods of above-average returns followed by periods of lower returns. How has the rise of passive indexing led to higher stock valuations, and what does that mean for markets?
Show Notes
The Equity Risk Premium: Nine Myths (JPM Series) by Rob Arnott—Research Affiliates
PASSIVE INVESTING AND THE RISE OF MEGA-FIRMS by Hao Jiang, Dimitri Vayanos, and Lu Zheng—NBER
Limits to Diversification: Passive Investing and Market Risk by Lily H. Fang, et al.—SSRN
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