Goldman: Japanese Central Bank Causing Beta To Rise

It would be interesting if we could take the Goldman Sachs research piece titled “Who Moved My Beta? Re-visiting BOJ ETF Purchase Impact” and have delivered it to market participants a decade earlier. Economists, fund managers and traders – those in this group who generally believed free markets were a key component of price discovery and fair value economic determination – would likely scratch their heads as Goldman’s Asian quantitative analysts discuss the Japanese Central Bank stock purchasing strategy in a fashion similar to that of a hedge fund rotating from one stock category to the next.   As Japanese…