Michael Burry featured in the Big Short for successfully betting against mortgage-backed securities in the run up to the financial crisis. So should we be worried that he now sees a bubble developing in passive investment?

 

I don’t think so. But rather than creating new opportunities for active managers, I’d argue that the rise of index-tracking funds may actually be making active management harder.

 

To find out why, and what that has to do with poker, please watch the video below.