Still no magic formula to understanding the markets
Uncertainties make it highly improbable for an algorithm to perform better than a fund manager
23 July 2019 - 05:10
Had you asked John Bogle, the pioneer of index investing, about the merits of smart beta funds, he would have dismissed them as “just one more way of trying to do better”.
“Trying to do better” is what gets active fund managers up in the morning: the vain belief that their efforts to timely pick stocks will improve on the market return available at low cost from an index fund. ..
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