"owns roughly half of the economy" is doing a lot of work. It's not necessarily true that the choices that active investors make average out to be roughly equiv

"owns roughly half of the economy" is doing a lot of work. It's not necessarily true that the choices that active investors make average out to be roughly equivalent to the choices that passive investors make. Like, the active investors could very well own the better-performing half of the economy, because they put in the work to figure out what portion of the economy is actually worth more than the market thinks it is.