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
Speaking on Morningstar's The Long View podcast in May 2025, Wall Street Journal columnist Jason Zweig offered sobering advice for investors grappling with unprecedented market uncertainty. As global markets wrestle with President Trump's sweeping tariff policies, Zweig warned: "We don't know that fundamental rules haven't changed...but that's an awful lot of things to be right about" when making dramatic portfolio changes. Zweig's commentary comes as he prepares the latest e
TEBI
Jun 2, 20256 min read
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