> Does the market still function as a market if everybody uses index funds or robo advisers? The more people forego seeking alpha the more of it that is availa

> Does the market still function as a market if everybody uses index funds or robo advisers? The more people forego seeking alpha the more of it that is available. So even if 50% of the market is passive, the pricing signals will all come from the 50% that's being actively managed.