It doesn't seem silly at all. I agree with Michael Burry; I think passive investing is a bubble -- by definition. If you spent $10 million to make a cafe in y

It doesn't seem silly at all. I agree with Michael Burry; I think passive investing is a bubble -- by definition. If you spent $10 million to make a cafe in your small hometown, you would never get that money back for the obvious reason that you could simply never sell that much coffee. The fundamentals aren't there. So if you invest in "all coffee shops" or "all shops in my hometown", you're not looking at fundamentals, you're investing to invest. And, by definition, (assuming all shops are priced correctly) you're artificially inflating. If someone invests across a group of stocks, it's because "the market always goes up over time." And if enough people believe that then it can be true for a very, very long period. But eventually it becomes your $10 million coffee shop. It's a bubble. And even a bubble that lasts decades will eventually pop.