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
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
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