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Be Water

Substack
bewaterltd.com· irregular· Published 4 months ago

A multi-part series arguing that modern finance was deliberately engineered by economist Jacob Marschak, and that passive index investing carries an "original sin" that distorts prices. It mixes economic history, macroeconomics and investing commentary with a provocative, polemical voice.

index fundspassive investingjacob marschakefficient market hypothesismarket structurefinancial historyeconometricsalliancebernsteinchris woodmarket distortionsmultiflationbe water
Platform
Substack
Frequency
Irregular
Latest issue
Jul 10, 2026
Language
English
Written for
Investors and economics readers interested in contrarian market history
Tone
opinion
Tracked since
Oct 25, 2026

Website: https://bewaterltd.com