That&#x27;s not my definition (nor the typical definition I think) of &quot;dumb money&quot;. 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.<p>Money invested in AAPL&#x2F;AMZN&#x2F;FB is no more or less passive and no more or less &quot;dumb&quot; than money invested in VTSAX, IMO.<p>In other words, I can &quot;hire&quot; the active managers of those companies on my behalf as an investor.