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The latest memo from Oaktree's Howard Marks here should be read and then read again. The section on passive investing is an absolute treasure.

"Passive investing is done in vehicles that make no judgments about the soundness of companies and the fairness of prices.  More than $1 billion is flowing daily to “passive managers” (there’s an oxymoron for you) who buy regardless of price.  I’ve always viewed index funds as “freeloaders” who make use of the consensus decisions of active investors for free.  How comfortable can investors be these days, now that fewer and fewer active decisions are being made?" -- Howard Marks, Oaktree Capital

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