It’s less the triumph of hope over experience than the triumph of marketing over rationality.
Perhaps there’s an analogy to be drawn between attitudes to passive investing and the apparent loss of faith in our democratic institutions?
Both realms offer the same old solutions. Products that can only achieve so much and suffer from a perceived lack of ambition in the age of moonshots. Results that are far from guaranteed and sometimes you must go backwards before you go forwards. Patience required.
The alternative? Roll the dice on a buzzy new venture fronted by a man with a tan promising the Earth.
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