In this discussion, Nick Van Rensburg, a macro strategist with extensive experience in equities and commodities, dives into the pitfalls of passive investing. He highlights how market dynamics and human behavior can lead to bubbles and crashes in a landscape dominated by passive strategies. The conversation also touches on the fragility introduced by these strategies and the need for active management to ensure market stability. Nick examines alternative approaches, like equal-weighted indexes, and reflects on the evolving investment landscape shaped by an aging population.