Charlie Munger Expects Index Funds to Change the World—and Not in a Good Way

Charlie Munger doesn’t think Larry Fink should be running the world.

Mr. Munger, the billionaire vice chairman of Berkshire Hathaway Inc. and Warren Buffett’s business partner, said the rise of index funds like those run by Mr. Fink’s BlackRock Inc. has resulted in an “enormous transfer” of the power to sway corporate decision making. That shift will “change the world,” he said, and not for the better.