(Harvest) In the early 2000s, equity investors could choose between two primary investment approaches. On one hand were actively managed funds whose managers sought to outperform inefficient markets through careful stock selection. On the other hand were index funds, which simply offered transparent market exposure and in exchange for a generally lower fee structure.
That was about it.With active funds, the challenge was (and still is) to identify managers with true stock-picking skill, whose performance has shown the ability to persist through time and across market cycles.
Smart Beta: A Simple, Yet Innovative Strategy Turns 10
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