Are We In A Passive Investing Bubble?

In the current market cycle, the long-standing debate between passive and active investing appears to have been laid to rest. Judging by the exodus of funds from active managers, passive investing has won hands down. 

Since 2007, investors have pulled $747 billion out of actively managed equity funds and purchased $1.65 trillion of passively managed equity index funds, a swing of $2.4 trillion – Vanguard Group Founder Jack Bogle, Financial Times, 12-13-16. 

So should investors ditch their active managers and move their money to passively managed index funds and ETFs?