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"If markets really are efficient, then all investors should choose passive investing. Why? Because passive investing saves on costs, and you can't beat an efficient market. If, on the other hand, the market is largely inefficient, then investors can extract profits via the pursuit of active investing while society is plagued by the harmful effects of asset bubbles and crashes." |
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Lasse Pedersen
AQR, Economist
Stanford University, PhD Finance
University of Copenhagen, MA Economics
University of Copenhagen, BS Mathematics
Efficiently Inefficient
When Everyone Runs for the Exit
Market Liquidity
Wikipedia
Also see:
Trend Following, Michael Covel
Lasse Pedersen interview, #1 |
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