Blessed Are The Passive Index Managers And Creators, For They Shall Inherit The Earth

It is a now almost a truism that a wise individual investor must be in need of a menu of low-cost index funds. Various estimates by the Financial Times and BlackRock set the total at roughly U.S. $20 trillion, and when you include the closet-indexers in the supposedly “active” space the total may well be more. Not only is the scale of indexing ever growing, but it is essentially an oligopoly, dominated by three companies, BlackRock, Vanguard and State Street, all...