Just How Useless Is the Asset-Management Industry?
Harvard Business Review
MAY 16, 2013
And while it seems essential that we have at least some active managers in order to set security prices (if everybody put all their money in index funds, there would presumably be no link between stock price and value), Malkiel says that there''s no evidence that stocks were less efficiently priced decades ago than they are now.
Let's personalize your content