A couple of weeks ago, I wrote a post where I basically said that “Passive Investing is Dead”. That got a lot of feedback from you guys, and I think there was a bit of a miscommunication on my part. So just to clarify – I don’t mean that passive investing is dead, dead. Passive / Index investing by its very definition tracks the index performance. Whatever the S&P500 returns that year, you will get, minus brokerage and ETF fees. That doesn’t change, so passive investing will never really die. Passive Investing: Looking at the bigger picture But the broader macro context matters too. The past 30 years was just a massive bull market in bonds, with US interest rates going from 15% to 0%. In a secular bull market like that, all asset prices go up – both bonds and equities. That’s great for index investing, because you hold the average,...