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index funds exert a foundational and self-reinforcing bias into the system
do they?
See e.g.
Fichtner, J., Heemskerk, E. M., & Garcia-Bernardo, J. (2017). Hidden power of the Big Three? Passive index funds, re-concentration of corporate ownership, and new financial risk. Business and Politics, 19(2), 298–326. https://doi.org/10.1017/bap.2017.6
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