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
Welcome to Deep Dive, a new TEBI series where we take a closer look at the latest research shaping investing, cutting through complexity to show what really matters for investors. The first in the series looks at low-volatility investing. For 50 years, academics and investors argued about whether low-volatility stocks deliver superior returns. New research solves the paradox: both sides were right about different halves of the strategy. Here's what that means for your portfol
Robin Powell
Oct 1, 202511 min read
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