When the index calls the shots
Vanguard now owns more shares in MicroStrategy than its founder despite publicly dismissing crypto as speculative. The irony is hard to miss, but the real lesson is that so-called passive investing is becoming anything but passive.
Comment: the unease of index investing
Index investing is a disruptive innovation from which private investors have fully benefited. They get more returns and at much lower costs. Moreover, academic studies and, of course, the annual surveys by Standard & Poors show time and again that simply trying to beat the market is doomed to failure.