Is the End of History Passive?

12 Pages Posted: 3 Jun 2020

Date Written: January 20, 2020


A powerful investor trend towards passive over active management seems to have become the new normal in the investment industry. The passive “end of history” thesis has a kernel of empirical truth. Passivation, however, is an imperfect match to wealth management clients’ individual demand for capital preservation (stability), let-alone performance enhancement. Active management needs a more precise specification to deserve a role in client portfolios. A possible justification could be tackling the distinction between fuzzy assets (subjective and exposed to instability) vs. eigen assets (objective and stable).

Keywords: Active Management, Wealth Management, Asset Allocation

JEL Classification: G11

Suggested Citation

Zaker, Sassan, Is the End of History Passive? (January 20, 2020). Available at SSRN: or

Sassan Zaker (Contact Author)

Julius Baer Bank ( email )

P. O. Box, CH-8010

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