Ten orbits of the sun ago, Sanford C Bernstein wrote a report called “The Silent Road to Serfdom: Why Passive Investing is Worse than Marxism”. I was in the research game back then too and I was jealous as hell of the title.
Bankers and money managers are called a lot of things, but rarely commies. In the mid-2010s, however, there was a backlash against the rise of index funds. They were accused of undermining free markets and the efficient allocation of capital.
Needless to say, most of the squawking came from stock pickers and those — such as Bernstein — who depend on them. Passive strategies were eating everyone’s lunch. Active US equity funds, for example, had not had net annual inflows for more than a decade.
您已阅读12%（721字），剩余88%（5260字）包含更多重要信息，订阅以继续探索完整内容，并享受更多专属服务。