Warnings that index funds have broken the stock market all imply a threshold: a share of the market at which price discovery fails. Nobody making the argument names it. Owen Lamont, writing in the Financial Analysts Journal, argues that no such number exists short of complete passive ownership, and that what actually determines whether prices stay informative is who is left doing the trading. His case, the strongest peer-reviewed research against it, and what the performance
Through 2026, retail investors in semi-liquid private credit funds tested their promised liquidity — and lost. New research reveals why the quarterly gates designed to prevent panic actually create it: because meeting redemptions imposes costs on those who stay, everyone has an incentive to run first.
Robin Powell
Jul 88 min read
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