There’s a New ETF Game in Town
The exchange-traded-fund industry is being shaped by a new paradigm — not active vs. passive.
It was the image of dart-throwing monkeys that got me. I would like to think it was the analytics, the white papers or even the raw performance data of active managers over the years. But if I’m being honest, it was that image of active managers as dart-throwing monkeys that really hooked me.
I was in my early 20s and reading Burton Malkiel’s “Random Walk Down Wall Street” for the first time. The way Malkiel wrote about it, there was just something rebellious and cool about the index side of the index vs. active debate — so I became an index guy.
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