It'll be interesting to see what the new equilibrium settles out to as more and more people index. It's pretty obvious everyone can't index and as more people do, there are more opportunities for smart money. But what form is that smart money going to mostly take? Large institutional investors -- pension funds, charitable endowments, sovereign wealth funds, etc. -- either investing directly or via outside money managers? Partnership style hedge funds? Family offices for ultra high net worth individuals? Or will the mass market long only mutual fund make a comeback?