What would said dumb money be holding if not index funds? Single name blue chips? What would the blue chip holders do in the counterfactual world where there i

What would said dumb money be holding if not index funds? Single name blue chips? What would the blue chip holders do in the counterfactual world where there is a big downturn? Perhaps there will be greater correlation between names in a downturn, but then again, factor-based investing might offset some of that.