A number of prominent market commentators (see Mike Green at Logica Funds or Vincent Deluard of StoneX) have noticed that the growing passive investment target date fund complex has fundamentally changed how the financial markets work. While active investors invest according to a valuation metric, passive investors simply allocate capital without any reference to valuations. In recent years passive investors have steadily increased in influence and appear to be on an unstoppable march towards dominance. A market dominated by active …