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안녕하세요.
오늘 공유할 내용은 미국 주식에 대한 기사입니다.
일론머스크와 캐시우드가 S&P 500를 비롯한 패시브 투자를 비판했다는 내용입니다.
비판의 내용은 다음과 같습니다.
인덱스 펀드, ETF와 같은 패시브 펀드에 막대한 자금이 쏠리게 되면서 이를 운용하는 거대 자산운용사의 영향력이 커지게 되고 기업에 영향력을 행사하는 것이 심각하게 확대되고 있고 이것이 실제 주주의 이익에는 반할 수도(contrary) 있다는 것입니다. 패시브 투자는 이미 자산시장의 60%를 차지할 정도로 규모가 막강합니다. 인덱스 펀드의 창시자이자 뱅가드 설립자인 잭 보글도 이런 패시브 자금의 막대한 영향력과 미국기업에 대한 의결권 장악력에 대해서 경고한 바 있습니다.
* S&P500란? Standard and Poor's 500의 줄임말로 미국 주식시장의 상위 500개 기업의 주식 퍼포먼스를 따라가는 인덱스입니다.
* 패시브 펀드란? 액티브 펀드에 반대되는 개념으로 종목선정을 하는 대신 이미 설정된 인덱스를 추종하면서 투자하는 펀드의 개념입니다.
인사이트Q : 지난 20년간 패시브 펀드가 누려온 호황이 앞으로도 계속될 수 있을까요? 궁금해지는 대목입니다.
Elon Musk and Cathie Wood took aim at index funds in a Twitter thread, arguing that passive investments have controlled too big a percentage of the stock market.
The CEO of Tesla responded to a post by venture capitalist Marc Andreessen, who said giant asset managers like BlackRock have outsized voting power in corporate America because of their increasingly popular index funds. Musk agreed with Andreessen, saying passive investing “has gone too far.”
“Decisions are being made on behalf of actual shareholders that are contrary to their interests! Major problem with index/passive funds,” Musk tweeted.
Ark Invest’s Wood joined the conversation Wednesday, saying investors in index funds like the S&P 500 ETF missed out on Tesla’s 400-fold appreciation before it was added to the equity benchmark.
“In my view, history will deem the accelerated shift toward passive funds during the last 20 years as a massive misallocation of capital,” Wood added.
Wood has become one of the most high-profile active managers on Wall Street. Her flagship Ark Innovation ETF, with Tesla as its biggest holding, has suffered a brutal year so far amid rising rates, dropping nearly 45%.
Passive investments such as index funds and exchange-traded funds have taken up about 60% of the equity assets, stealing market share from active rivals, according to JPMorgan estimates. Money has flooded into passive products as investors have been attracted by their lower management fees during booming bull markets. The market for index funds has reached $6 trillion, while the market for ETFs has ballooned to $5 trillion since the SPDR S&P 500′s inception in 1993.
Over the last few decades, index investing has also performed much better as most active investors trailed their benchmarks. In the 12 months through March, just 19% of large-cap active managers outperformed, according to data compiled by Savita Subramanian, head of U.S. equity and quantitative strategy at BofA Securities.
Jack Bogle, founder of Vanguard who devised the index fund in 1975 as a way for retail investors to be able to compete with the pros, warned of the growing power of the big passive fund managers and their control over the voting shares of America’s largest corporations.
Bogle cautioned of “major issues” in the coming era in a 2018 Wall Street Journal op-ed just a few months before he died.
“If historical trends continue, a handful of giant institutional investors will one day hold voting control of virtually every large U.S. corporation,” Bogle wrote. “Public policy cannot ignore this growing dominance, and consider its impact on the financial markets, corporate governance, and regulation.”
* 참고로 op-ed란? 기명 논평으로 "opposite the editorial page" 의 줄임말.
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