Just How Useless Is the Asset-Management Industry?
Harvard Business Review
MAY 16, 2013
By 1960, though, the mutual fund business was booming, and selling investors on high-cost, high-risk products called "performance funds." Malkiel is basically saying that the asset-management industry has no economic justification for being as big and rich as it is. Compensation Cutting costs Finance' That should be fun.
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