Active investors have a massive advantage over passive investors in to day's environment. If you take the index, it doesn't matter sp 500, 22% of its weightings come from the top eight companies. The valuations are heavily skewed towards a small number of companies. And so when you pass forward after a decade of passive investing, there's a lot of bloated companies and undervalued companies. i don't think i've ever seen a period where we've seen so many fantastically valued companies at the same time we've seenSo many over valued companies. It's mass of dycodomy, and i think it's largely driven by passive investing.

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