No. But in a way, maybe!
Proponents of passive investing are going to keep insisting that the epochal active-to-passive shift isn’t dangerous or otherwise prone to destabilizing markets. They’re going to take that narrative to the grave apparently.
“But for a universe of individual investors (and rather distressingly, probably some institutional investors, too), the message of empowerment is anything but. Itâ€™s a nudge into terrible portfolios, terrible costs and terrible outcomes. But hey, at least they got religion and implemented those terrible, far-too-actively-traded portfolios with ETFs!”