A new look at active vs passive (Michael Green) 

As passive strategies continue to gain market share, Thiel Macro’s Michael Green has been considering the implications. In a thought-provoking presentation, Michael builds an interesting thesis, connecting abnormal short-term market behavior with longer term cyclical demographics. He makes a compelling case that passive strategies are distorting the market’s ability to discount new flows, affecting valuations, correlations, volatility, plus those strategies seeking opportunity in mispricings (i.e. hedge funds).