How much of your portfolio should be in stocks? It's one of investing's most important questions — and the standard answer is costing the average investor the equivalent of 2% of their lifetime consumption. Yale economists have finally built something better, and it fits in a spreadsheet.
When Cathie Wood declared index funds "a form of socialism", she joined decades of active managers attacking passive investing on ideological grounds. But proxy voting data reveals something awkward: ARK voted with management 99.2% of the time versus Vanguard's 98.5%. We examine the evidence on index fund governance, ARK's performance record, and why "passive investing destroys capitalism" rhetoric intensifies when active managers underperform.
Robin Powell
Oct 29, 202510 min read
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