> If businesses are to be able to raise capital by selling shares to outsiders, “you need a deep market of active investors willing to take a view on the valuat

> If businesses are to be able to raise capital by selling shares to outsiders, “you need a deep market of active investors willing to take a view on the valuation of the company,” Inigo Fraser-Jenkins, head of quantitative strategy at Bernstein in London and lead author of the “Worse than Marxism” report, told me this week. And that's a terrible investment strategy to ask of the average layman, the people who are concentrating on index investing.