@blherrou (in other words, for this version of socially useful low-information diversified investing to make sense, it should lead to firms retiring debt and issuing equity into the market. but we much more often see debt-financed buybacks of equity, exactly the opposite, during this era of the index investor. part of that is that it's been a low interest rate era! but i think we'd need to regulate quite differently if we wanted to use indexing to promote systemic derisking.)