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	Podcast:		Excess Returns
	Episode:		The Risks of the Rise of Passive Investing \| Mike Green
	Category:		Business
	Duration:		01:22:41
	Publish Date:		2025-07-27 08:08:33
	Description:		In this episode of Excess Returns, Mike Green returns to dissect the structural transformation underway in public markets due to the rise of passive investing. He explains why “there’s no such thing as a passive investor,” how inelastic flows distort prices, and what it means for valuation, volatility, and the long-term sustainability of equity markets. From the math behind market multipliers to the policy distortions driving mega-cap dominance, Mike walks through the macro, micro, and behavioral implications of passive flows — and what investors and policymakers need to do about it.
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