Andrew Miller: ‘No Index Is Truly Passive’

<p>Our guest this week is Andrew Miller. Andrew is a partner at Creative Planning where he advises clients on financial planning and investment issues. Prior to joining Creative Planning in 2020, Andrew was a partner at Miller Financial Management, where he focused on portfolio construction, financial and tax planning, as well as investment management. He's active on social media--you can find him on Twitter @millerak42--and has authored research on various financial-planning and investing topics that you can find online. Andrew is a CFA charterholder and also is a certified financial planner. He received his bachelor's degree in finance from Indiana University.</p><p><strong>Background</strong></p><p><a href="https://creativeplanning.com/staff-profile/andrew-miller/" target="_blank">Bio</a></p><p><strong>General</strong></p><p>“<a href="https://www.morningstar.com/content/dam/marketing/shared/research/foundational/677796-AlphaBetaGamma.pdf">Alpha, Beta, and Now ... Gamma</a>,” by David Blanchett and Paul Kaplan, Morningstar.com, Aug. 28, 2013.</p><p><strong>Asset Allocation and Portfolio Construction</strong></p><p>“<a href="https://alphaarchitect.com/2019/10/03/alternative-investments-a-field-manual/" target="_blank">Alternative Investments--A Field Manual</a>,” by Andrew Miller, alphaarchitect.com, Oct. 3, 2019.</p><p>“<a href="https://alphaarchitect.com/2018/03/02/whos-afraid-of-a-big-bad-bear-many-investors-shouldnt-be-that-concerned/" target="_blank">Who’s Afraid of a Big Bad Bear? Many Investors Shouldn’t Be That Concerned</a>,” by Andrew Miller, alphaarchitect.com, March 2, 2018.</p><p><strong>Investing</strong></p><p><a href="https://www.investopedia.com/terms/h/home-country-bias.asp#:~:text=Home%20country%20bias%20refers%20to,not%20unique%20to%20U.S.%20investors." target="_blank">What Is Home Country Bias?</a></p><p>“<a href="https://www.morningstar.com/articles/932399/investors-have-fewer-reasons-than-ever-for-home-bias" target="_blank">Investors Have Fewer Reasons Than Ever for Home Bias</a>,” by Ben