This is a common refrain. Passive indexing is killing the market. ETFs are killing the market. I take a very cyclical approach on everything. The rise of passi

This is a common refrain. Passive indexing is killing the market. ETFs are killing the market. I take a very cyclical approach on everything. The rise of passive actually creates huge opportunities for active managers. We see this already in the ETF landscape: you can invest in any product today for very cheap. This creates a new challenge to manage the portfolio of the future. 60/40 allocations are the exposures of yesterday.