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Excess Returns
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The Key Difference in Money
The key difference in my work versus a lot of the work that was done earlier and the academic community is now catching up. It's not so much the share of passive that matters as the flow dynamics associated with passive. Another way that passive influences markets is reduced ability for new companies to become public. When you look at the largest holders of what I would argue are broadly outright frauds, things like a Nikola or many of these SPACs.
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