As BI notes, Fraser-Jenkins is perhaps best known for an essay he published in August 2016 titled "The Silent Road to Serfdom: Why Passive Investing Is Worse Than Marxism." It argued that active investors were trying to allocate capital most efficiently; socialist governments are at least attempting to allocate capital with some rationality through planning; but passive index funds don't even do that. Mindlessly tracking the S&P 500 could generate bubbles through vast piles of incoming cash being invested with the least amount of thought and analysis.
But now, as ValueWalk's Mark Melin writes, wth six months to reflect on his life while in the hospital, Fraser-Jenkins appears to have had an epiphany. Much like the movie character Jerry McGuire, the quantitative analyst woke up from a long mental slumber of day to day tedium, earning a paycheck, and wanted more to his life.
On January 8, his first full day back at work, he sent his clients a 3,921-word-long essay questioning why he does his job, the role financial services have had in creating inequality, and whether the sector has a future.