That isn’t necessarily bad… but the dogma normal people get from the index crowd is that they have less risk and low cost.

Since we’re living in an era that looks more like 1905, there’s alot of skew and the public doesn’t get access. In the 90s, companies would IPO and we were exposed to risk and gain with small caps. Now, it’s more like the standard oil trust - big private and sovereign funds are more influential.

I think we’re entering an era where active management will become critical.