Dan Bortolotti

That makes sense.

I'm not saying that they're always going to make the right decisions, but it does seem reasonable to revisit them.

In other words, it would not have represented such a large share had they had that free float adjustment in place in the past.

Yeah.

I would agree with that.

Shares that are not available to the public is not really what most of us mean by the market.

The index is not supposed to represent the economy.

It's supposed to represent the stock market.

And the stock market doesn't really include shares that don't trade.

That makes good sense.

It seems to me your strategy, Ben, is buy the index, short the IPO ETF.

That's not investment advice.

It's just an observation.

Yeah.

And as the tireless defender of traditional index funds, again, worth pointing out is that

No one's arguing that any of these strategies is free of those structural inefficiencies.

And very often, you're just exchanging one set for another when you change investment strategies based on relatively small things like how you weight an index.

These are fairly subtle changes.

Sometimes they eliminate some problems and just introduce others.

The waiting is the hardest part, as they say.