Seed money and Italian Government's nod

You also have to ask the question the other way around. What has been the market impact (valuations, cost of capital, returns) in the US from the increase in inflows, mostly in passive products bought by target dated funds, especially since the passage of the Pension Protection Act in 2006

- Why do you invest in index/passive products?
- Because it is the most efficient way to invest
- Why is it efficient?
- Because it reflects an equilibrium of investors views
- Which investors?
- People like me