I’ve been thinking about the state of passive investing as the message “just buy the S&P 500” became the predominant narrative in recent years. This thought was first posed to me by our former GIC chief and Presidential candidate Ng Kok Song a few years ago, and I haven’t been able to shrug it off since. In my recent trip to Omaha for the 2025 Berkshire Hathaway AGM, I had the fortune to meet with many intelligent investors and thought leaders as we talked about stocks and the rising theme of passive investors who simply buy index funds every month without thinking. Is this “buy and forget” strategy enough? How do these shape the markets, and are they causing a bigger valuation gap for companies who aren’t in the large market indices (yet)? Could the new 10X strategy be to find profitable small-cap companies that are rapidly growing and invest…
