This might make for a cool discussion.
A couple of decades ago, Robert Arnott was discussing index funds with Vanguard founder, John Bogle. Arnott proposed building indexes that weren't weighted by company size (as a traditional index is). Instead, he suggested they be weighted by business earnings. So the S&P 500 would still be the S&P 500. But instead of popular stocks (measured by market cap) having the highest emphasis in the index (think Tesla) the higher weightings would be placed on companies that earned the highest profits. John Bogle hated the idea. And although I've never invested in a fundamental index, I've respected the idea. Along with traditional indexes, I included these "fundamental indexes" as portfolio options in 2013 when I wrote The Global Expatriate's Guide To Investing (the first edition of the now-titled, Millionaire Expat).
I've also been tracking their performances for 15 years. Once again, my personal portfolio is much more traditional. But if someone invested in fundamental index funds, I wouldn't call them foolish.
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