Vanguard: Has indexing gotten too big?

Key highlights

• Even if a majority of investors indexed, the zero-sum game dynamic would still be intact and active investors would still determine market prices.
• The profit motive drives investors to take risks, and it is a powerful catalyst for market efficiency.
• Stock correlations are not good indicators of whether a market is favorable for active strategies.

https://advisors.vanguard.com/VGApp/iip/site/advisor/researchcommentary/article/IWE_InvComIndexingTooBig?oeaut=yuMuduljod