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A different opinion than Jim's on cap-weighted indexes.

"Conclusion
While market capitalization weighted indexes are currently more concentrated than usual, they are still very well diversified based on the small amount of extra expected return the biggest stocks would need to offer to compensate for their weight in the index. In sum, market capitalization weighting is the best index design available, offering the most efficient and diversified exposure to the broad stock market."


https://www.advisorperspectives.com/articles/2021/07/20/are-...

On the whole, I more agree with Jim's argument, and think that the main reason for large indexes to be cap-weighted is that cap weight automatically stays in balance, whereas any other weighting has to be actively rebalanced periodically.
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