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
A new study shows how equity duration reshaped markets after 1945, making stock-picking harder and strengthening the case for evidence-based investing.
Robin Powell
Sep 14, 20256 min read
SUBSCRIBE
Simply provide your email address to receive our regular update.
