A widely circulated working paper suggests soIllustration: Satoshi KambayashiIn 2016 researchers at Bernstein, a broker, published a note entitled “The silent road to serfdom: why passive investing is worse than Marxism”. A decade later the revolution is still in full swing. Trillions of dollars of capital have poured from actively managed investment funds into those that simply track market indices, and the flow shows no signs of stopping. As much as 60% of net assets overseen by American equit...