Smart Beta Sold In "Classic Bait And Switch" EnvironmentMark Melin
Smart beta and certain types of factor investing is an environment where “classic bait and switch is persuasive,” is being sold based on “backtested results that don’t match reality.” Such were thoughts from a lively panel discussion at the Morningstar investment conference in Chicago. The panel discussion was, to a degree, reminiscent in tone to a 2014 panel discussion where smart beta was categorized as more a marketing ploy than a financial innovation.
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