Own the Haystack Advisors Alpha insights for Q2 2024
Vanguard founder Jack C. Bogle captured the power of indexing through different variations of a simple analogy, “Don’t look for the needle, buy the haystack.” When it was first coined, most capital allocators, advisors, and their investors were either index or active, and overwhelmingly active. This capital allocation resulted in material differences in the exposures and weightings of companies, sectors, etc., at the total portfolio level, as active typically held a smaller subset of the investment opportunity set (fewer needles).