John Authers, Columnist

There’s Still No Ride Like a Free Ride in Free Markets

Keep waiting for Peak Passive if you want, but CalPERS would have done better to adopt the Vanguard model. Plus: the OpenAI drama.

November 21, 2023 at 6:00 AM UTC

By John Authers

John Authers is a senior editor for markets and Bloomberg Opinion columnist. A former chief markets commentator at the Financial Times, he is author of “The Fearful Rise of Markets.”

CalPERS CEO Marcie Frost during an interview with Bloomberg Television last month.
Photographer: Michaela Vatcheva/Bloomberg

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The best deal in life is to get a free ride. Those rare situations when someone else does all the work and you get to cash in as much as they do, but with none of the effort, are rather wonderful. It’s only rational to take advantage when they’re on offer.