Man Bites Dog… Burton Malkiel, the Princeton professor whose classic book “A Random Walk Down Wall Street” presaged in 1973 indexing as an improvement over active stock investing, has now embraced Smart Beta… James B. Stewart’s New York Times article, An Index-Fund Evangelist Is Straying From His Gospel, sets forth his case… One giant issue remains… It’s now pretty clear that index investing works well even if roughly 50% of market participants are using it… Smart Beta may break down at a much lower threshold, perhaps 5% or 15%… Time will tell as Smart Beta gains further popularity among institutions and now perhaps individual investors…
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