Howard Marks has written an interesting memo about quantitative investing that is worth reading. If you invest in "smart beta" ETFs, any type of passive investment, or have an interest in machine learning, it's worth a read.
Here's an excerpt that I found particularly interesting:
The merits of index investing are obvious: vastly reduced management fees, minimal trading and related market impact and expenses, and the avoidance of human error. Thus index investing is a "can't lose" strategy: you can't fail to keep up with the index. Of course it's also a "can't win" strategy, since you also can't beat the index (the two tend to go together).
He goes on to explain the relationship between passive and active investors and why the two are inextricably linked.
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