Some other things which I didn’t mention here, but really are somewhat important stories
1/ Active trading (as opposed to active investing). Market making, stat arb, etc
2/ The rise of private investments. There’s a decent case that the best listed companies get taken private, leaving the public markets with only the very largest companies which no-one can take private, and the companies which no private equity firms want to take public
3/ Semi-active investing / factor investing. I find it quite hard to ignore the evidence that there are factors which outperform broad market indices (Momentum, Value, Large Cap, Low Vol, etc). Should you misweight your investment away from cap-weights to capture some of this additional value?
Some other things which I didn’t mention here, but really are somewhat important stories
1/ Active trading (as opposed to active investing). Market making, stat arb, etc
2/ The rise of private investments. There’s a decent case that the best listed companies get taken private, leaving the public markets with only the very largest companies which no-one can take private, and the companies which no private equity firms want to take public
3/ Semi-active investing / factor investing. I find it quite hard to ignore the evidence that there are factors which outperform broad market indices (Momentum, Value, Large Cap, Low Vol, etc). Should you misweight your investment away from cap-weights to capture some of this additional value?