Passive Investing and Liquidity

I wanted to ask you about passive investing and some of the narratives that have gained prominence here over the past decade. Most passive indexes are market cap weighted so they weight the higher stocks, the larger stocks more. The second one's a fascinating one, because I think very recently made a comment about why active is good in this context. But my sense is we're not at the point where we're jeopardizing the core element of price discovery.

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