Stephen Gandel is a Bloomberg Gadfly columnist.
Tim Buckley has to navigate the perils of passive-investing dominance.
A cornerstone of what drives American capitalism, the number of IPOs has plunged even as the stock market, and tech stocks in particular, have been hitting new highs.
The real concern is not just that actively managed funds could disappear but that the entire market could be left for dead.
The influence of index and ETFs is growing, but it's not destabilizing yet.