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A journey of
a thousand miles
begins with a single step.

Index funds have by now surpassed active fund assets in the U.S.. Nobody knows what the implications on price discovery, liquidity and volatility will be as this process gains further pace. We suspect that it will make bubbles permanent, interspersed with punishing bear markets and flash crashes. If you are passionate about prudent asset allocation and macro analysis, please get in touch and put your weight behind our collective forecasting and pricing power.

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