"Passive flows may reinforce existing weights, but they do not create demand, pricing power, margins, or returns on invested capital. An index does not determine which companies win customers or earn superior economics. It records the result. If profits are the game, the index is the scoreboard."
This chart and excerpt are sourced from the report “Why Index Concentration Will End“, by Robert M. Almeida, MFS, Strategist’s Corner, August 2026.