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How much passive investing is too much?
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
Robin Powell
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Why Vanguard is called Vanguard
Fifty years ago this week, the first index fund for ordinary investors went on sale and almost nobody bought it. The company behind it had been named two years earlier after a ship in a picture on its founder's wall. The story Vanguard tells about its own beginnings is tidier than what actually happened, and less useful.
Robin Powell
Sep 44 min read
AI and stock returns: lessons from the railways
he most careful expert forecast of AI's economic effects covers GDP, productivity, employment and inequality. It does not cover share prices. Across 21 developed markets and 120 years of data, economic growth has shown no reliable positive relationship with what shareholders earn. What has correlated is growth in earnings per share, and four mechanisms separate the two. Here is what the evidence says about AI and stock returns, and what the railways and the dot-com boom alrea
TEBI
Aug 410 min read
Investment platform fees explained: how to avoid overpaying
Investment platform fees vary wildly — and small differences compound into serious money over time. Here's how to work out what you're really paying and whether it's time to switch.
Robin Powell
Jan 2810 min read
Vanguard at 50: Proud history, bright future?
Vanguard’s 50-year journey has transformed how everyday investors access and benefit from the financial markets. As it marks this...
TEBI
May 2, 20253 min read
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