U.S. fiscal policy, European monetary policy and an aging bull market pushed them to energy, utilities and commodities (primarily gold).

Even emerging markets bond funds took in money for the third straight week.

Oil’s glut is getting mopped up.

Like climate change, the forces driving investors to passive investing may be too far along to turn back. The velocity toward index-driven dystopia appears to be increasing.

Little change on the horizon in the Fed's course: a drawn-out process of trimming its balance sheet and raising interest rates.

Among the assets under scrutiny are emerging-market bonds, which for only the third time in history are yielding less than U.S. junk debt.