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
New FCA figures show that fewer than one in three wealth management firms also offer financial advice. That is not a scandal, and nobody has been mis-sold anything. But it does mean a great many people are paying for a well-run portfolio while assuming they are also getting a plan. The two are not the same thing, and it is the plan that answers the question most investors actually care about: can I stop work when I want to?
Robin Powell
16 hours ago6 min read
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