Private equity returns have collapsed as the $3.2 trillion exit crisis deepens. Why David Lloyd's sale to itself reveals an industry model that's fundamentally broken.
When Cathie Wood declared index funds "a form of socialism", she joined decades of active managers attacking passive investing on ideological grounds. But proxy voting data reveals something awkward: ARK voted with management 99.2% of the time versus Vanguard's 98.5%. We examine the evidence on index fund governance, ARK's performance record, and why "passive investing destroys capitalism" rhetoric intensifies when active managers underperform.
Robin Powell
15 hours ago10 min read
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