That's not my definition (nor the typical definition I think) of "dumb money". To me, dumb money is late money chasing a piece of the action at stratospheric valuations, or chasing a scheme the investor has no hope of understanding.
Money invested in AAPL/AMZN/FB is no more or less passive and no more or less "dumb" than money invested in VTSAX, IMO.
In other words, I can "hire" the active managers of those companies on my behalf as an investor.
Money invested in AAPL/AMZN/FB is no more or less passive and no more or less "dumb" than money invested in VTSAX, IMO.
In other words, I can "hire" the active managers of those companies on my behalf as an investor.