The securities that are being bought on the basis of, “Hey, they went up in price.” Those are getting reinforcement.The alpha for the active segment is negative. Where is the largest disconnect? It takes advantage of a mathematical property called Kendall’s Tau, which I only know because of mathematician told me what it was. So Wayne had at originally constructed the Logica tail risk product with the idea of being that it would hedge a multi-manager long bias overlay, effectively creating protection.The following document may only be accessed by persons who satisfy any of the following criteria:When we changed those rules in 2005, we specified that HR managers and the company themselves actually became the source of making this decision. He recognized that you could take advantage of this and you can basically force these pulses into the market. As of today, it’s the single largest pool of assets on the planet. And so what we were tracking is the proportion of stocks, the number of stocks, that would go limit up with zero transactions. As Green points out, the beginning of the passive index fund was conceived with the efficient market hypothesis as the cornerstone theory anchoring the soundness of the investment. But the insight that on the simple survey, the intersection of these two at almost exactly 50/50, is that the market’s historical average is 16 and a half times earnings.And the QDIA was actually a really important limitation because many people, one of the big complaints about 401(k)s was that investors would often receive this benefit and have no idea what to do and so do nothing. Why don’t you just buy futures?” And they said, “See, we can’t because we’re a mutual fund. He's been a student of markets, and market structure in particular, for nearly 30 years. They tend to be somewhat equal weighted or modified cap-weighted, as many of the least volatile stocks tend to be, some of the largest stocks. “Now, 90% involve passive, involve some form of an index representation. Some of our clients focused on small cap value, which is where I saw the greatest opportunity. This is the theory of what should be happening to alpha. And you had Western investors that were looking at the price signals associated with Chinese stock market rising, deciding that they wanted to buy into this narrative. And so we began to track a phenomenon where we were exploiting another feature of the Shanghai stock market, which is while the index itself had no real limits, the individual stocks had 10% limits both up and down. And then as I dug into his process, it really became clear that what he was doing in the quantitative space was very, very similar to what I was doing in the discretionary space. It is a positive momentum bias. The academic papers that came out re-weighted the index on the basis of this and said there was 1-2% change, not a big impact.

It just takes me back to my value roots, and I approach the macro space from the same standpoint.

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