ETFs (and passive) aren't ruining capitalism, they are exemplifying it. It is a brutally competitive industry where every cent must be earned (unlike active MFs which paid ppl off and now live off stock mkt gains). That's my response to the Sanford Bernstein dude who is back w a new Thom Yorke-ian sounding note titled "Dystopian Symbiosis" In the end stocks still go up and down based on active's opinion of them and most 'passive' isn't really passive. I'd also bet $100 that Inigo owns Vgrd in his PA. We do know Sanford Bernstein launched ETFs like a year after calling passive worse than Marxism. And then had to liquidate them bc they couldn't cut in a capitalist market. Ironic.. Anyway, a good, balanced story on it from @denitsa_tsekova(Eric Balchunas)