I found an inconsistency in the article. > We’re just seeing a shift from closet indexing to ETFs and other index funds en masse now that investors have wisene

I found an inconsistency in the article. > We’re just seeing a shift from closet indexing to ETFs and other index funds en masse now that investors have wisened up. So active managers are copying the indexes. > Index fund investors are simply buying what the active investors have laid out for them. But indexes buy what the active managers pick. The author appears to be confused as to who is the tail and who is the dog. Maybe this is resolved by saying some active managers do price discovery, but most are just copycats. It's not clear though. For the record I think index funds are still the best choice for a retail investor, and the article is mostly true. Namely > Many of the worries about indexing really boil down to career risk in the asset management space. Some of the arguments seem to be hasty and not well presented though.