In 2009 it was less than 20%.
The migration was constant, without reversal, for 17 consecutive years.
Each year, more money left active managers and entered ETFs and index funds.
The American market is now mostly passive.
The debate about whether indexing beats assets has already been resolved by the capital flow itself.
I think it's a pretty dangerous place to be. It makes the market inherently more self-referential.
Diworsification
isnt part of this because passive funds often outperform the so-called wizzards running active funds?
like how dead people's portfolios often perform very well
17 years of consistent flows. This trend isn’t reversing anytime soon
Google "Bogleheads" if you're wondering why.
Wall Street is laughing straight to the bank