At some point, someone (or a collective) needs to make a decision about how capital is allocated among different firms.

Traditional money managers may not be the right way to do that, but we should be clear that decisions are still being made somehow.

I guess it's not the investors plowing money into the first index fund they find. And it's not the index fund, because they don't do a lot of management.

So I guess it's a handful of hedge funds that set prices?