Passive investing has created efficiencies in access to data and trading (costs dropped from percentages to single-digit basis points) and most measures of market efficiency are up versus the 1980s-2000s, yet these technical efficiencies coexist with structural distortions created by mean-expanding flows.
factualpending
Speaker
Dave NodicEvidence Quote
“It is inarguable that my access to data as an investor has collapsed in price in my lifetime from multiple percentages to single-digit basis points. So, and and for the most part, you look most measures of market efficiency are way way way up versus, you know, the 80s, the 9s, the early 2000s.”
Source
The Trillion Dollar Trap | Mike Green on Passive Investing's Fatal Design Flaw— Excess ReturnsCreated: 8/11/2026, 5:27:10 AM
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