“Passive investment is now growth-tilted, momentum chasing, biased toward popular-weighted indices. Why should you expect the best returns from that?” asks Research Affiliates’ Rob Arnott.
Bull markets are rallies that go beyond 20 percent and are never interrupted by a 20 percent fall. In many corners of Wall Street, that means the S&P 500 rally that began in March 2009 is about to surpass all that went before.