> an environment where the public market is dominated by passive capital While by "the end of May 2024, passive mutual funds and ETF assets" had "grown to near

> an environment where the public market is dominated by passive capital While by "the end of May 2024, passive mutual funds and ETF assets" had "grown to nearly 60% of the equity fund market" (emphasis mine) [1], only about a third of American stocks are held by passive capital [2]. (Index funds are about 16%.) > For you, it's time to tilt to bond and value Or just buy the market and watch the show. [1] https://www.americancentury.com/institutional-investors/insights/has-passive-investing-gotten-too-big/ https://www.americancentury.com/institutional-investors/insi... [2] https://alexchinco.com/double-what-you-think-it-is.pdf https://alexchinco.com/double-what-you-think-it-is.pdf