Asset managers who are late to the ETF game are coming to the table with less-transparent actively managed funds.
Investors have paid a much bigger premium to buy the shares than the value of its holdings would suggest.
Bond fund investors have demanded cheap, simple funds that track benchmarks.
Private equity funds aren't cheap. But they have a bunch of things going for them right now that hedge funds don't.
It has been a blockbuster year for longer-dated government bonds and that's not such a great thing.
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