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But we saved everything 🙂.
Michael Green comments on a recent article that, in his view, overlooks the roles of ETFs, options, and payment for order flow in current markets. He argues that market 'renaissance' is not due to volatility, but rather the opportunities for arbitrage arising in an environment where fundamentals matter less and passive investment strategies dominate.
Green has previously commented on structural market changes in earlier writings. In a past article, he examined how the 1950s U.S. tax code redistributed luck. He argued this led to broader economic benefits and higher aggregate outcomes.