This Finance survey examines: Nasdaq has been consulting on inclusion of the largest companies in its indexes: https://indexes.nasdaqomx.com/docs/NDX_Consultation-February_2026.pdf; (a) Changing the rules for index inclusion to allow fast-track entry by extremely large IPOs (including waiving the free float requirement) is consistent with the objectives of passive index-based investing; (b) Changing the rules for index inclusion to allow fast-track entry by extremely large IPOs (including waiving the free float requirement) will make index fund investors measurably better off
Keyword: index funds
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ideas illegal activities immigrant visas immigration import duties import restrictions imports impossibility theorem incentives inclusion income inequality income support income tax increasing returns to scale incumbents independent regulatory agencies index funds indexing industrial polic industrial policy Industrial Revolution inequality inflation inflation expectations inflation target inflation-indexed bonds inflation-linked bonds information infrastructure innovation input prices inside information insider trading Instagram institutional investors institutions insurance insurance premiums Intel intellectual property interdependence interest rate caps interest rates interest-bearing assets intergenerational mobility intermediate goods intermediation international agreements International Energy Agency international monetary system internet internet: profits investment investment grade investment management investment policy investment portfolio investment returns invisible hand IPOs Iran Ireland Italy
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panics Paris agreement passive investing patent trolls patents payday lending payment services payments system payroll taxes peace peer review Pell grants penalties pension funds pensions personal data personal debt personal finance petrol pharmaceutical industry physical infrastructure physical risks pied-à-terre tax platforms policy advice policy entrepreneurs political appointments political economy pollution populism portfolio allocation portfolio diversification portfolio investment portfolio management portfolio theory Portugal poverty poverty reduction pre-school education prediction markets prescription drugs President Biden President Obama President Trump price cap price caps price controls price gouging primary voting privacy private credit private credit funds private equity private firms private funds private schools privatization product quality production production capacity productivity productivity growth professional sports teams profitability profits prohibition property rights property taxes prosperity protectionism proxy advisory firms proxy voting psychology public budget public corporations public debt public finances public goods public health public investment public ownership public policy public procurement public revenues public schools public spending public transport public utilities publishers Puerto Rico purchasing power
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This Finance survey examines (a) In general, absent any proprietary information, a retail equity investor cannot consistently make accurate predictions about whether the price of an individual stock will rise or fall on a given day; (b) In general, absent any proprietary information, a retail equity investor can expect to do better by holding a well-diversified, low-fee, passive index fund than by holding a few stocks
In this Finance survey: Stock markets around the world have seen an increasing concentration of trades in or near the closing auction. In the US, for example, about a third of all S&P 500 stock trades are now executed in the final ten minutes of the session, up from 27% in 2021 (a) The increased concentration of trading in the final minutes of the trading day has a measurably detrimental effect on market quality; (b) Strict indexing implemented with trading at the close to avoid tracking error creates a measurable performance drag that could be avoided with more flexible passive strategies
This Finance survey examines: Regulator Probes BlackRock and Vanguard Over Huge Stakes in U.S. Banks – The WSJ reports that ‘The FDIC is scrutinizing whether the index-fund giants are sticking to passive roles when it comes to their investments in U.S. banks.' (a) The exemption of passive asset managers from banking rules - such as needing permission when they acquire shares above the 10% threshold - generates measurable risks to the accomplishment of the FDIC's mission
This Finance survey examines (a) With some measures of concentration by market capitalization within broad US stock market indices at an all-time high, investors seeking a well-diversified passive equity portfolio should consider alternatives to market-cap-weighted indices.
This Finance survey examines (a) The amount of passively invested funds has reached levels at which it has a measurable detrimental effect on market efficiency.
This week's IGM Economic Experts Panel Statement:
In general, absent any inside information, an equity investor can expect to do better by holding a well-diversified, low-fee, passive index fund than by holding a few stocks.
This week’s European Economic Experts Panel statement:
In general, absent any inside information, an equity investor can expect to do better by holding a well-diversified, low-fee, passive index fund than by holding a few stocks.
This week’s IGM Economic Experts Panel statement:
In general, absent any inside information, an equity investor can expect to do better by choosing a well-diversified, low-cost index fund than by picking a few stocks.
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