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John P. Hussman
Key word here: "active." It’s precisely when past investment returns look most glorious that future investment returns are likely to be most dismal. Yet that's when investors “discover” the merits of passive investment. Recent rush to passive is really active performance-chasing.
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RR 18 Jan 19
Replying to @hussmanjp
$300+ billion out of mutual funds... and $300+ billion into ETFs. … But why did State Street and BlackRock layoff employees??
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Javier Castro Valdivia 18 Jan 19
Replying to @hussmanjp
Yes, but "active" funds' dismal performance "pushes" investors to the passive side, probably at the wrong moment as says. Look at the chart, ranking active funds in €. Are investors receiving a good enough deal?
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Risk Seeker 18 Jan 19
Replying to @hussmanjp
Yep. High average annual total returns for 5 & 10 year periods seem to be much less an indicator of acceptable forward returns but a great contraindicator of them.
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Tom Drake 18 Jan 19
Replying to @hussmanjp
Since October 1 through yesterday's close HSGFX is up ~11 and VFINX (S&P500) is down ~10%. Good show.
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Viktor Orban 18 Jan 19
Replying to @tdtw794 @hussmanjp
Wow 4 months, look at his record since 2009
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Teddy 18 Jan 19
Replying to @hussmanjp
None of these people are old enough to remember 66-82. Broad market made nothing. Made Joe Granville a household name. Up down up down. Net was zero
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