Who Put These Stocks in the Index?

One attraction of index investing is that nobody is responsible for any investing decisions. If I buy an index fund, I am just following sensible standard financial advice about indexing and diversification; if that index fund happens to hold stocks in companies that I find objectionable, I can say “well that’s not my fault, I didn’t buy, I just bought the index fund.

And so in theory you can have a lot of ordinary people investing their money in companies that they find objectionable, through mutual funds whose managers find them objectionable, based on an index whose compilers find them objectionable. Nobody

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