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  "documentTitle": "Vitesco Technologies (VTSC)",
  "authorId": "04_Greenlight_Capital",
  "authorName": "David Einhorn",
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  "presentationDate": "2023-05-09 00:00:00",
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  "notes": "The chart highlights a significant trend of capital moving from active to passive management, with a notable divergence in recent years.",
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      "text": "My belief is that shifting trillions of dollars from active management to passive management meant shifting money from strategies that generally at least consider valuation to those that don’t.",
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      "text": "U.S. Fund Flows ($ billions) from 2006 to 2022",
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      "text": "I have talked a lot about the disparate performance between value stocks, and what I like to call anti-value stocks. My belief is that shifting trillions of dollars from active management to passive management meant shifting money from strategies that generally at least consider valuation to those that don't. The result is that there has been net selling of undervalued stocks, which active managers tend to own, and net buying of overvalued stocks, which are by definition overweighted in indices.",
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      "text": "Source: Morningstar data compiled by PWL Capital, https://www.pwlcapital.com/resources/the-passive-vs-active-fund-monitor-2022/.",
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