> I'm not surprised everybody is missing the biggest advantage of index investing This isn't about whether index investing is a good strategy for many people,

> I'm not surprised everybody is missing the biggest advantage of index investing This isn't about whether index investing is a good strategy for many people, especially those with low-moderate risk appetites and no time/expertise for active investing or trading. It's about whether or not index investing makes markets and economies more efficient (which the article erroneously claims). I claim they have the opposite effect, but they create value in and of themselves that counteracts that distortion to the benefit of index fund users (and to the benefit of traders who arbitrage the distortion).