The Market That No Longer Exists

Author

Don Kaufman
November 17, 2025

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Hey there, it’s Garrett here.  

So I'm sitting here watching everyone try to analyze this market with strategies that worked 30 years ago, and honestly, I get why people are confused.

They're fighting a market that no longer exists.

The Numbers That Changed Everything

Thirty years ago, around 70-80% of equity fund assets were actively managed - people analyzing companies, making buy/sell decisions based on fundamentals.

Passive index funds? Maybe 5-10% of assets.
Leveraged hedge funds and prop trading? Around 5-10%.

Today that's completely flipped.

Passive buy-and-hold (ETFs, index funds): 50-55% of U.S. equity fund assets. Traditional active stock pickers: down to 10-15%.

The rest is split between quantitative funds, smart beta strategies, and a small but vocal 5-10% in leveraged/momentum funds.