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?
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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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