John Authers, Columnist
Index funds keep blowing what looks like a bigger bubble in the giant tech stocks. Buying at any price simply isn’t good capitalism.
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John Authers is a senior editor for markets and Bloomberg Opinion columnist. A former chief markets commentator at the Financial Times, he is author of “The Fearful Rise of Markets.”
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Passive investing is back in the crosshairs. “I view the markets as fundamentally broken,” David Einhorn, the master value investor who runs Greenlight Capital, said on Barry Ritholtz’s Masters in Business podcast. “Passive investors have no opinion about value. They’re going to assume everybody else has done the work.” Meanwhile, Charles Gave of Gavekal Research avers in as many words that “indexation will destroy capitalism.”
