>Passive investing has removed price discovery from the equity markets. The simple theses and the models that get people into sectors, factors, indexes, or ETFs

>Passive investing has removed price discovery from the equity markets. The simple theses and the models that get people into sectors, factors, indexes, or ETFs and mutual funds mimicking those strategies — these do not require the security-level analysis that is required for true price discovery. Maybe with enough blog posts and Bloomberg interviews, we convince everyone to go back to a culture which prefers more complicated, specific investing strategies. But after you completely destroy peoples' wealth by crashing the index fund plane, how exactly are you then going to convince them to buy into your focused strategies (and importantly, with what wealth)?