No inconsistency. > > We’re just seeing a shift from closet indexing to ETFs and other index funds en masse now that investors have wisened up. Some active ma

No inconsistency. > > We’re just seeing a shift from closet indexing to ETFs and other index funds en masse now that investors have wisened up. Some active managers used to (clandestinely more or less) copy the indexes, but investors move away from active managers into passive funds. The prices are determined on the margin, by the remaining active investors. That's all consistent. > index funds are still the best choice for a retail investor Yes, index funds or index-linked ETFs. Agreed.