Leveraging Liabilities Passive Investors 
The Big Picture
MARCH 7, 2023
But to me, at the same time, I was finding this concentration on passive investing also problematic because passive investing works when the markets are efficient, and the markets are efficient when there is enough trading happening for new information to be incorporated in the prices. Back half of ‘23 or ’24?
The Big Picture
AUGUST 20, 2024
That’s amazing leverage. 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 passive investors, they became active investors, and that became an opportunity for outperformance.
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