"The payoff in a venture is generally inversely proportional to what it is expected to be." -Nassim Taleb

The title of this article makes me feel more and more, that we are faced with a mid-term peak. Maybe even longer than mid-term.

One historical pattern is that when too much money chases one segment, something goes wrong.

I am wondering what can go wrong with index funds!

Ideally, nothing, because there will be a negative feedback loop: Actively managed funds will act as predators to the herbivores, controlling their numbers, limiting how much everyone follows the crowd.

That said, the history of human disaster often features a lot of places where someone didn't realize there was a positive feedback loop.