Här kommer dagens tankespjärn. Särskilt utifrån perspektivet som @Jonathan.S är en stark proponent för - vad är det jag inte vet att jag inte vet. För istället för att skjuta ner Reddit / GME / Krypto som vi har en tendens att göra i forumet, så kan man ju konstatera att vi har lämnat mycket pengar på bordet.
Den här artikeln kastar i alla fall för mig ljus på områden där jag inte känner mig hemma. Visst kan det vara som så att passiv vinner i längden, men det skadar inte att ifrågasätta sina egna sanningar.
Några citat (mina fetstilmarkeringar)
However, in recent years we’ve seen momentum start to shift back towards active investing. The status-quo—passive-only investing strategies—is being challenged by newer generations of investors entering the market. The reasons behind this shift are part psychological, part structural.
In addition, Gen Z faces an uncertain path to financial progress. A combination of asset price inflation (QE and COVID stimulus packages) and generally loose monetary policy has driven the transfer of wealth from the asset-poor (young) to the asset-rich (old). A new generation of Gen Z investors are willing to take risks to counter a deck that may be stacked against them.
Active investing is a natural extension of hustle culture, in which risk is embraced and failure is accepted (and even celebrated); YOLO behavior on WallStreetBets is just one example. Furthermore, Gen Z retail traders have never experienced a market contraction—the oldest of them were 10 in 2007 when the S&P began its 50 percent decline. For many, passive investing is viewed as a strategy for the already rich to stay rich, not for those wanting to get rich.
These investors can post a trade idea and others can register their approval with their dollars, all verified through proof of trade. Status is conferred by correctly predicting outcomes, and in the future, incentives could align through shared economics (say, 20 percent carry for the community).
Trades could even be coordinated in participants’ accounts, so capital wouldn’t have to be pooled; software would facilitate “voting” on trade ideas and execute those trades. Previously, only hedge funds had the access and capital resources to deal in this type of trading. Through communities like WallStreetBets and execution layers like Numerai, that coordination is becoming more distributed.
Wall Street has always had star stock pickers. The internet version of this phenomenon is the unbundling of indexes—enabled by platforms like Apex and startups like Doji—and the ability for anyone to follow in the footsteps of Cathie Wood and create new ones. A truly efficient market means the best ideas should attract the most capital
Those who chalk up the recent rise in active investing to a bull market miss a number of structural catalysts behind it. The psychology of American exceptionalism, coupled with a challenging path to financial progress for Gen Z, are two of the largest cultural drivers.
Those factors, coupled with recent technology shifts, portend that active investing is here to stay. In short, retail portfolio theory—buy and hold for 30 years—is being replaced by new investing approaches, including bottoms-up communities and zero-cost passive investing. We believe that in the years to come, active strategies will have a place in every retail investor’s portfolio.