How apt that I just finished “The End of indexing” by Niels Jensen in the midst one of those chilling tropical downpours in Asia. It is indeed a highly readable rainy-day read that pours cold water on the future of passive investing. Niels takes the reader on a comprehensive tour of some depressing megatrends affecting the global economy and asset markets. You don’t even need to buy into every aspect of these to sympathise with his intelligent interpretations. Niels’ vast market experience shines through in his clear translation of trends into investment strategies. His conclusion — that passive investment strategies expose investors to the wrong type of risk at the wrong side of the megatrends, is accompanied by some convincing suggestions regarding where to maintain risk exposures.