# Michael Green: Has Passive Investing Crossed The Rubicon?  |  On The Tape

Page: https://stenobird.com/podcast/riskreversal-pod-1366742/michael-green-has-passive-investing-crossed-the-rubicon-on-the-tape
Text version: https://stenobird.com/podcast/riskreversal-pod-1366742/michael-green-has-passive-investing-crossed-the-rubicon-on-the-tape.md
Podcast: [RiskReversal Pod](https://stenobird.com/podcast/riskreversal-pod-1366742)
Published: 2026-05-08T09:00:00+00:00
Episode link: https://traffic.megaphone.fm/RRM8575038649.mp3?updated=1778172994
Audio file: https://traffic.megaphone.fm/RRM8575038649.mp3?updated=1778172994
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JSON: https://stenobird.com/v1/public/podcasts/riskreversal-pod-1366742/episodes/michael-green-has-passive-investing-crossed-the-rubicon-on-the-tape
Duration seconds: 3055

## Resource

Mike Green returns to On The Tape discuss why U.S. equities hit record highs despite the Iran war and oil spike, arguing systematic 401(k) and volatility/trend strategies drove historic inflows and that markets had largely priced in fear via VIX, correlation, skew, and heavy hedging that later unwound. He critiques Nasdaq’s new low-float multiplier rules as boosting demand for IPOs like SpaceX/OpenAI and warns S&P’s proposal to waive profitability requirements could turn the index into a private-equity exit vehicle and alter its historical quality bias. Green views the Fed as mostly narrative-driven except during major rate shifts, faults data-dependence, and says inflation swaps don’t show a breakout, while high rates act as a fiscal transfer that reinforces a K-shaped economy. He explains passive bond indexing can underweight long-duration Treasuries, potentially motivating buybacks/yield-curve-control-like actions. The conversation also covers AI capex, emerging AI-driven job restructuring favoring older workers, and Bitcoin’s ETF-driven financialization and limited utility. Show Notes Checkout Mike's Substack: https://www.yesigiveafig.com/ Follow On The Tape on YouTube: https://www.youtube.com/channel/UCe8y7CzcjhMPTzem-Zn6sqA —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

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## Transcript

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