Episode 94, Robin Wigglesworth, FT journalist and the author of "Trillions", Rick Ferri host

The evolution of passive investing stems from a convergence of academic research, technological advancement, and institutional innovation. Early pioneers, including Alfred Cowles and the team at Wells Fargo, utilized rudimentary computing to demonstrate that active management consistently fails to outperform the market, laying the groundwork for index funds. While Jack Bogle famously brought these concepts to retail investors through Vanguard, the industry’s growth relied on a broader ecosystem of contributors, such as the developers of the first ETFs at the American Stock Exchange and the strategic expansion of iShares by BlackRock. This transition from niche institutional tools to ubiquitous retail products reflects a fundamental shift in financial strategy, where low-cost, broad-market exposure replaced the pursuit of alpha. The history of this revolution highlights how collaborative, often iterative, efforts transformed finance from a speculative endeavor into a systematic, data-driven discipline.