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What lase pointed out in his paper was that passive had to transact during periods in which there was index rebalancing. 00:20:33 And so in that period they ceased to be passiveinvestors, they became active investors, and that became an opportunity for outperformance. They are too concentrated relative to that.
BERNSTEIN: You know, if you go back to Jack Bogle and the whole idea, and always in my career, I have tremendous respect for Jack, both as a businessman and as an investor. And Jack’s whole thing was you want to be a passiveinvestor. Legal immigration continues to trend downwards. BERNSTEIN: It’s crazy.
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