Keen On

What goes up, comes down. As the Dow continues to hover at 40,000, something is inevitably going to burst the Wall Street’s current irrational exuberance. According to Andrew Lipstein, the biggest danger to today’s stock market boom is the $15 trillion in global passive investing funds managed by companies like Vanguard. In this month’s Harpers cover story, WHAT GOES UP, the Brooklyn based Lipstein talks to leading Cassandras warning us of the apocalyptic dangers of passive investing. Lipstein is the author of two wickedly entertaining novels and the writer brings a sparkling surrealism to the normally horribly boring business of identifying the next economic crash.Andrew Lipstein is a writer based in Brooklyn. His debut novel Last Resort was published in 2022 by Farrar, Straus & Giroux in the US, and Weidenfeld & Nicolson in the UK. His second novel The Vegan was published in July 2023, also by FSG and W&N. His third novel Something Rotten will be published in January 2025.Named as one of the "10