This is dumb, the point of the stock market is the return the stocks give you in dividends etc. Here, he treats those returns as not being a factor, and as stoc

This is dumb, the point of the stock market is the return the stocks give you in dividends etc. Here, he treats those returns as not being a factor, and as stocks having no intrinsic value. If they have no intrinsic value of course passive management makes sense!