Passive Aggressive

What share of the US equity market's passively owned? Non sequitur, I know. Every article's supposed to be an election article until the civil war's over. No, but seriously, I do a flows update every week, and at some point a few updates ago, a reader asked about the persistence of outflows from mutual funds and the juxtaposition with never-ending inflows to ETFs. That contrast is, of course, a corollary of the secular active-to-passive shift. In his latest, Goldman's David Kostin tossed out