被动投资的初衷是跟踪市场，而非塑造市场。但正如梅林·萨默塞特·韦伯和约翰·斯托佩克在第二期节目中所探讨的，被动投资的巨大增长已经改变了其本应追随的市场，正如世界上一些最有价值的公司选择更长时间保持私有。
Passive investing was designed to track the market, not shape it. But as Merryn Somerset Webb and John Stepek explore in the second episode of , the enormous growth of passive investing has changed the market it was built to follow, just as some of the world’s most valuable companies are staying private for longer.
他们以SpaceX为例，考察公共市场与私有市场之间不断变化的关系，并解释为何没有任何投资是真正被动的——投资过程中的某个环节总有人在做决定。随着被动资金流动足以左右市场，梅林和约翰认为，投资者应当确保自己在追求自身财务目标时做出主动决策，而非将这些决定交给陌生人。
Using SpaceX as an example, they examine the changing relationship between public and private markets and why no investment is truly passive — someone is always making a decision somewhere in the process. As passive flows grow powerful enough to move markets, Merryn and John explain why investors should make sure they’re making active decisions in pursuit of their own financial goals, rather than leaving those decisions in the hands of strangers.
