This article is a 200% example of a Submarine: http://www.paulgraham.com/submarine.html http://www.paulgraham.com/submarine.html Just looking at the adjectives

This article is a 200% example of a Submarine: http://www.paulgraham.com/submarine.html http://www.paulgraham.com/submarine.html Just looking at the adjectives used gives me a headache: Passive Index-funds are "pushing" (not investing or "betting") money, Nobody's is deciding anything, and people who invest on it are "lucky", and it moved the financial world to a "oligarchy" (as opposed to the Wall Street utopia democracy that was the financial world before Index funds?), and it works but no one knows why. Ah, and it's bad for the country, and even it's inventor (Bogle) is against it... A shame they had to quote a dead man and could not found a contact of anyone at Vanguard to comment this article. There is much more (including the marxism part). but I stopped counting in the middle of the article. Let's look at the adjectives of mutual funds, you hire someone to "pick", they "bet" and have "market beat-returns" ,even if this is false, as someone already mentioned Warren Buffet bet: https://longbets.org/362/ https://longbets.org/362/). They "select" investments, using a "vetted manager" (probably like Madoff?), they have "solid returns" (see Warren Buffet again), and they "direct investment dollares", they "take new information". Just to finish, apparently Index-Funds in XXI century are destroying the economy and companies, and what's the solution, besides giving back the control of the financial world to the good-managed and have everyone-interest in mind Wall Street multiple failed investment companies along the years: Drexel Burnham Lambert, Lehman Brothers, Salomon Brothers, Citigroup, etc.. "The antidote lies not just in fixing passive investment, but in making markets be markets again. Perhaps we could all use a little more of that manic stock-picking energy, not less." Ah, the good old "stock-picking energy" that so much prosperity brought us by letting individual people picking stocks with the advice of Wall Street like the golden-era of investment and America prosperity of the late 1920's and late 1990's? Yes, please... /s