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“ETFs invest in ten stocks instead of the three best in the sector. That’s inefficient. With passive investing, money doesn’t go where it is efficiently allocated.At the US ATF in the summer, when one broker asked what kind of algos they could provide to suit the buy side’s needs, one asset manager responded: ‘Stop giving us algos!’ It’s a race to zero for rates, and I think we’re pretty close to that already...”

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