No, no, you wouldn't have an index. You need players in a market.
One factor that's built into his statement, I believe, is the fee. The indexed funds have practically zero fees, and if you compare that to a manager who charges you 1%, then he has to be at least 1% above the market to make it worth his while. There are some managers who are good, a few of them. We're not talking about mutual funds here that banks sell to Joe Q. Public. We're talking I think about pension funds, and they do pay much less than 1% if we're talking about large defined benefit plans. Over the long term, you see the teachers plan and OMERS have very good results. They don't just invest in the index; they go into different asset classes where they get a lot more bang for their bucks.