I agree with this as a principal. There was even some good commentary a while ago when an article about all the money flowing into Vanguard https://news.ycombin

I agree with this as a principal. There was even some good commentary a while ago when an article about all the money flowing into Vanguard https://news.ycombinator.com/item?id=14145308 https://news.ycombinator.com/item?id=14145308. A market with no active players defeats the efficient market idea. There should be some sort inflection point where the index fund critical mass is, but I don't think we've had this sort of situation in a modern economy before.