Brett Harrison: recommendation

Transcript context

…Yeah, my pleasure. My pleasure. Is the growth of ETFs a good thing for the health of markets? There's one view that as there's more passive investing, you're kind of diluting the power of smart money. And in fact, what these active investors are doing with their fees is subsidizing the price discovery that makes markets efficient. And with passive investing, you're sort of free writing off of that. You were head of ETF technology at Citadel, so you're the perfect person to ask this. Is it bad that there's so much passive investing? I think on that it's good. I think that most investors in the market shouldn't be trying to pick individual stock names. And the best thing people can do is invest in sort of diversified instruments. And it is far less expensive to invest in indices now than it ever was in history because of the advent of ETFs. Yeah. So maybe it's good for individual investors to put their money in passive investments. But what about the health of the market as a whole? Is it hampered by how much money goes into passive investments?…

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