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
Two index families claiming to track 'the US market' can still diverge by several percentage points a year. Sherifa Issifu unpacks how differences in index construction, quality screens and sector weights explain why S&P and MSCI benchmarks quietly part ways.
Robin Powell
Mar 22, 20233 min read
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