The Importance of Index Funds

The market has lost all discipline and index funds were a big contributor to that. There's no way to participate in the index fund markets without putting your money into stuff certifiably insane. The original idea of getting the benefit of free writing all those market analysts with your low fees was great until you wiped out all the market analysts. Now basically what you're permitting is a system where there's enormous absence of systemic disclosure on enormous and growing systemic risks.