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How much passive investing is too much?
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
Robin Powell
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When AI financial advice misleads by design
In a new experiment, 3,700 people chose between two index funds tracking the same index. One of them paid more in every possible outcome. When a chatbot was told to promote the worse fund, the share of people getting the choice right fell from 64 per cent to 34 per cent. Telling them the bank had money riding on their answer made no difference at all. A survey of 836 UK retail investors, published in July by Opinium, found that 54 per cent had already used AI to look up inves
TEBI
Sep 174 min read
Who really benefits when private equity buys your financial adviser?
Financial advice consolidation in the UK has put private equity in control of hundreds of firms. Here's what vertical integration and hidden conflicts mean for your money.
Robin Powell
May 57 min read
Optimism as a business model: Why investment consultants can't afford to recommend simplicity
nvestment consultants have systematically raised their return assumptions for alternative assets since 2001 — not because performance improved, but because complexity generates fees. New research from Stanford and Harvard reveals how consultant optimism drives billions in pension allocations, despite mounting evidence that simple, low-cost indexed strategies often outperform alternatives-heavy portfolios. The entire boom may be built on structural conflicts rather than superi
Robin Powell
Oct 28, 202514 min read
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