Q3 2022 hedge fund letters, conferences and more
In their latest episode of the VALUE: After Hours Podcast, Brewster, Taylor, and Carlisle discuss Indexing Is Harder Than It Sounds. Here’s an excerpt from the episode:
Tobias: This is the other one I wanted to ask. James L. “What does it take to reverse on indexing?”
Bill: I don’t think it will.
Tobias: I think that most people who index through their work don’t know what’s happening. Don’t know that that’s where the money’s going.
Bill: Yeah, I think that’s actually probably a pretty nice way to live. Why would you want to reverse that?
Tobias: At the end of the year, you get a note that says you’re up, or down,” you’re just like, “Whatever.” Or [crosstalk] retire.
Bill: Yeah, you just got to focus on making more money next year and doing the same thing. In over time, it’ll work.
Tobias: Yeah.
Jake: 100% true. I don’t know if that’s the psychological path that often happens there though. People get scared and they sell out. That’s how you get to a bottom, right?
Bill: Yeah. The last bottom was a long time ago though. It might be different. I don’t know.
Tobias: 2009? They’d been in 2016, 2018. 2020s.
Bill: Nah, those weren’t real.
Jake: Color me skeptical that everyone has the faith to ride out through trauma.
Tobias: I think it’s faith so much. I think it’s just inertia.
Jake: Yeah.
Tobias: It’s hard to change.
Bill: It’s also really intelligent. There is the potential that a lot of people that are indexing have actually figured something smart out and they just stick to it.
Tobias: Yeah.
Jake: 100%. It’s just harder than it sounds when it’s– [crosstalk]
Bill: Yeah. Well, nothing is easy in this thing.
Jake: I think it’s lower every single day.
Tobias: If you’re not watching it– well, I’m suffering the same thing.
Jake: [laughs]
Bill: Imagine owning cable. You’d have to be a moron.
Jake: Oh, my God, just kicked me in the nuts sack all day long.
Bill: Yeah, that’s right. I don’t know, owning individual companies is tough, sticking in index strategy’s tough. All this shit’s tough.
Jake: I was told that was just to the moon and you just enjoy your brodown.
Tobias: Yeah, a lot of that’s gone away, hasn’t it?
Bill: Yeah.
Jake: That’s gone away, huh?
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Article by The Acquirer's Multiple.
