Just How Useless Is the Asset-Management Industry?
Harvard Business Review
MAY 16, 2013
Writing under a pseudonym in the Financial Analysts Journal in 1960, mutual fund executive Jack Bogle made "The Case for Mutual Fund Management." trillion in assets in 2010, up from $25.8 Malkiel is basically saying that the asset-management industry has no economic justification for being as big and rich as it is.
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