I guess that's true but put yourself in the position of a major fund manager. Would you rather explain "We lost 3% this year because of a dumb IPO because we track an index that includes dumb IPOs," or would you rather say, "We lost 3% this year because I decided, as a passive fund manager, that the index was wrong and I knew better"?
Your career would be over.
Or at least, you would have to transition over to an active fund!
Your career would be over.
Or at least, you would have to transition over to an active fund!