the unprecedented shift from active to passive management, and what it means for not only the industry, but for markets during the next "normal correction."

"Each day since the election $1bln has moved from active to passive management," said VICE, standing in the shadow of America's mountain of private wealth assets. When you buy the S&P 500, you pay the prevailing price for every one of those stocks.

"There is no such thing as price discovery in index investing." And there will be no price discovery on the downside either. The stocks that have been blindly bought on the way up will be blindly sold.

"When these markets do finally have a correction there will be no bid for many of these stocks."