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
Wall Street Journal legend Jonathan Clements spent decades teaching Americans to save. In this in-depth interview, he talks candidly about frugality, spending in retirement, and what he's learned about using money well.
Robin Powell
Dec 14, 202323 min read
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