Why ETFs Are Inherently Anti-Value – The Passenger by Dave Iben, Kopernik Global Investors
How, how he rides
Oh, the passenger
He rides and he rides
He looks through his window
What does he see?
He sees the sign and hollow sky
He sees the stars come out tonight”
— Iggy Pop
Was Iggy referring to drugs or had he anticipated the beauty of ETFs circa 2016? Reviewers suggest that ‘he sees how wonderful everything is once he relinquishes control, becomes the passenger instead of the driver.’ Longtime readers know that I have a proclivity to view many songs and movies as metaphors for the investment world. In...
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