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The Evolution of Passive Investing
The shift to passive was really an underconfidence trade to begin with. People feeling like they made such poor decisions that cost them so much money in the financial crisis, it's more of a faith in I'll never lose money as long as I have a long enough time frame. Well, and you get those thoughts at the end of the cycle because there is a truth now to the passive investing theme. After a relentless almost nine year bull market, it has been proven true.