Vanguard’s more than 14,000 employees in this region will likely disagree, but journalist William Baldwin, a contributor to Forbes.com, has penned an extensive piece about the company asking, “Is Vanguard too successful?”

Baldwin reports it’s a great time for index fund sales, and Vanguard, a leading index fund operator, has 57 percent of the industry’s market share. The concept begun by former Vanguard CEO John C. Bogle has a following of Bogleheads and Vanguard has 20 million customers with $3 trillion in assets, Baldwin reports.

However, in the piece he also examines the view of James Grant, author of Grant’s Interest Rate Observer.  Grant believes indexing is being overdone and investors are taking their love affair with passive investing too far – creating opportunities for active managers to find mispriced securities, beat the market and make both themselves and their clients rich.

Read the full analysis here.