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Is Passive Investing Quietly Rewriting the Rules of the Market?

In this interview, Paul Huebner, Assistant Professor at the Stockholm School of Economics and researcher at the Swedish House of Finance, discusses his research on the rise of passive investing and its effects on financial markets. Based on joint work with Valentin Haddad (UCLA) and Erik Loualiche (University of Minnesota), the conversation explores how passive investment flows reshape asset prices, market volatility, and investor behavior. 0:00 Video starts 0:23 What are your study’s main findings? 1:36 How has passive investing made stock demand more inelastic? 3:03 Does passive investing amplify market fluctuations? 4:22 Can you give an example where passive dominance delayed market stabilization after a shock? 5:58 “Active investors always correct mispricings”—is that really true? 6:49 What should long-term retail investors know about the risks of a passive-driven market? 8:07 How are active managers adapting to the rise of passive funds? 9:55 What kind of regulatory action, if any, could help address risks from passive investing? 11:24 How do you see passive investing evolving over the next decade?