Indexing Lowers Volatility in the Long Term

If you've got very well-funded traders, only a few percentage points of markets need to be informed trading in order to make them very efficient. So we could have making up numbers. 90% of the investing public indexing, as long as 10% is active management, you'll still get price discovery. You'll still get markets working efficiently. Will still actually be equivalent to as if everybody was actively trading? Well, in fact, I think that it might work even better if everybody weren't actively trading.