Completely agree with you.
Active investors are vital to the market and price discovery.
Even Jack Bogle himself admitted there would be chaos if the market was dominated by passive investments.
I also believe the continual rise of passive is, and will increasingly become malignant to the markets.
In saying that, it's still by far the superior choice for most investors, which is why listed fund managers like Platinum and Magellan are on a one way trajectory.
Ann: Funds Under Management - August 2023, page-18
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