Jim Bianco, Columnist

Marxism Has Cornered the Junk-Bond Market

Passive investing doesn't discriminate between individual winners and losers.

February 26, 2018 at 4:12 PM UTC

Jim Bianco is the President and founder of Bianco Research, a provider of data-driven insights into the global economy and financial markets. He may have a stake in the areas he writes about.

He's still around.
Photographer: Johannes Eisele/AFP/Getty Images

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In 2016, analysts at Sanford C. Bernstein & Co. offered a powerful critique of passive investing.

In “The Silent Road to Serfdom: Why Passive Investing is Worse Than Marxism,” they wrote that “a supposedly capitalist economy where the only investment is passive is worse than either a centrally planned economy or an economy with active market led capital management.”