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Jack Bogle created the index fund on a foundational premise hat passive diversifcation across proven and stable businesses removes stock-picking risks and delivers market returns at a neglible cost.
The index fund has become the de facto means of investment for almost every retirement fund and retail investor today. Further, ETFs have made most mutual funds moot, which grants even more power to the average US investor because the cost of investing is a fraction of what it would be.
However, recent changes to the NASDAQ seasoning period, specifically for the SpaceX IPO to launch on their exchange, will create a dangerous precedent that will effectively destroy the power of the index fund, and b, the ETF.
There's multiple layers to this, and a bounty of conspiracies, but here are the facts:
* Overvalued IPOs give early investors the means to legally rug pull. early investors buy in, retail investors pour money in, then early investors cash out while the stock price is high. Classic wallstreet financier class bullshit.
* Index funds were somewhat insulated from this due to what's called a seasoning period. NASDAQ (exchange AND indices) recently changed the seasoning period for the NASDAQ indices. Seasoning was important, because it **protected** retail, retirement, etc. accounts that may have bought into an index from being affected by an overvalued IPO.
* Now, NASDAQ "won" the right to list SpaceX on it's exchange by changing this seasoning period. They claim that this change is universal and is based on how companies and stocks are different than they used to be (bullshit response if you ask me). They dramatically shortened the seasoning period, so SpaceX will be AUTOMATICALLY be bought into the NASDAQ index within 15 days of going public. There is ZERO choice in the matter.
* What this will results in? Mutual funds and ETFs that track the NASDAQ indices will be forced to buy SpaceX shares and sell proportional amounts of every other holding to make room. This means that SpaceX is getting fast tracked to your retirement accounts, your brokerages, your long-term savings vehicles at the cost of selling off quality, proven companies (Apple, Microsoft, Google, etc.).
* Without the seasoning period, this means early investors of SpaceX will have **UNILATERAL** benefit over the passive index fund holders. Early investors perceived wealth balloons because YOUR ETFs and mutual funds HAVE to buy what's in the index.
* Come December 2026 when lockup agreements have expired, retail investors now can perform a massive sell off which will transfer value **DIRECTLY FROM YOUR RETIREMENT FUNDS TO THEIR BANK ACCOUNTS**.
* This is not official financial advice - Hypothetically, the passive retail investor could buy NASDAQ funds now, hold until November 1st, then sell off assuming no losses from other companies or stock market corrections. I also can't officially recommend an alternative index because I'm not a financial advisor, but there are "other" reputable indexes for technology and growth which can follow the same companies without the bullshit.
The NASDAQ exchange has established an incredibly dangerous precedent with this move. From what I've found online, the SP indices are also considering shortening the season period. In the short term, this will make SP index funds appear to outperform, but in the long-term, it will result in more cash, at a higher velocity, transferring to the financier class of the US.
The average US citizen doesn't have the time nor the energy or resources to understand this in depth. What they'll see in the short term is a probable bump in any NASDAQ indices, then a big time loss come December. What we'll see long-term, is the continue abuse of index funds that were created to help the common investor build wealth. This isn't going to be a quick cataclysm, but will be a painfully slow dismantling of one of the greatest investment tools the common investor has today.
Please vote with your investment holdings and teach NASDAQ and other index holders this isn't acceptable. Talk with a financial advisor or do your own research. I'm not responsible if you lose, I'm only hear to share the message of how institutional investors are going to slowly destroy the index fund.