> My point is, the less active money there is around, the less accurate our concept of a correct value can be. This situation has the potential to de-stabilise

> My point is, the less active money there is around, the less accurate our concept of a correct value can be. This situation has the potential to de-stabilise the economy sooner rather than later. That won't happen (probably). The less accurate our concept of correct value is, the more competition it will draw as the margins increase. Realistically, we can be probably something absurd like 80% passive funds and 20% active investors and be fine.