well hot damn, it only took him a few decades
“I have been a critic of smart-beta funds because they have typically been sold with high expense ratios and have ignored tax consequences,” Mr. Malkiel told me this week. “Smart beta has in effect been expensive beta.” But decades of academic research into efficient markets and Wealthfront’s ability to deliver a smart-beta approach at low cost, coupled with tax efficiency, finally won him over, he said.
Rob Arnott, founder of Research Affiliates, which devises smart-beta products for money managers like Pimco and BlackRock, greeted news of Mr. Malkiel’s conversion as “a fascinating turn of events.”
I've always thought ol Burt knew this deep down but didn't want to admit it publicly because it would completely discredit his most profitable well known book.
Submitted June 23, 2017 at 10:24AM by MasterCookSwag http://ift.tt/2rKkuzC
