FAQ: Passive Investing

This has been one of the hardest quarterlies to write that we can remember.1 One way you can tell is the fact that it is late, even by our pretty relaxed standards of when in a quarter a quarterly letter should come out. For many quarterlies, much of the pain comes during the blank sheet stage of the writing process, when brainstorming what to talk about. In this case, we already had our topic – indeed, we had promised in our last letter that we would talk about the impact of passive investing on the market in our next piece.