Innovation from these well traveled roads might be dying, but the thing about innovation is that it's fluid, and usually pops up from pockets that have been forgotten or ignored.
One thing that this post highlights, that until now I havent been able to articulate, as far as innovation goes, it is getting very hard to separate "ETFs" from asset management generally. A few years ago I would have said there is a clear distinction. Not anymore.
Deeply, deeply agree with all of this. That said, I've been in this game for almost two decades, and the ETF industry always finds a way to surprise me. Predicting this industry is, to me, a lot like predicting what your kids will do be doing in six months. I dunno, need bigger shoes, I guess? It's easy to predict correctly the big, broad strokes, but there'll always be some curveball or another you didn't see coming.
Innovation from these well traveled roads might be dying, but the thing about innovation is that it's fluid, and usually pops up from pockets that have been forgotten or ignored.
One thing that this post highlights, that until now I havent been able to articulate, as far as innovation goes, it is getting very hard to separate "ETFs" from asset management generally. A few years ago I would have said there is a clear distinction. Not anymore.
I agree Phil -- there will still be new ideas but they're increasingly just new *investment* ideas, not new packaging, structure or delivery.
Great read Mr. Nadig. My hope is that investment product innovation will prevail, regardless of the wrapper.
Great post, Dave!
Deeply, deeply agree with all of this. That said, I've been in this game for almost two decades, and the ETF industry always finds a way to surprise me. Predicting this industry is, to me, a lot like predicting what your kids will do be doing in six months. I dunno, need bigger shoes, I guess? It's easy to predict correctly the big, broad strokes, but there'll always be some curveball or another you didn't see coming.