Passive indexing represents true macro investing approach, Cullen Roche notes

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10.05.2026

Passive indexing represents true macro investing approach, Cullen Roche notes — Macro investing and passive indexing

Cullen Roche, industry influencer, suggests that the essence of macro investing is best exemplified by passive strategies such as those offered by Vanguard and DFA.

He points out that the idea of buying the market based on its collective intelligence is fundamental to macroeconomics, yet the concept has been widely associated with high-profile investors such as Dalio, Soros, and Druckenmiller, who Roche argues have shifted its meaning.

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Roche has previously critiqued the way fund risk is measured, arguing that a popular volatility calculation does not fully account for historical 5% drawdowns and may misrepresent risk levels in certain products, according to a recent note on fund volatility. In a separate analysis, he said brokerage firms are shifting costs to retail investors as mutual funds lose ground and industry centralization decreases amid changing revenue structures. Roche’s comments continue a pattern of challenging conventional metrics and industry approaches.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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