Guest Post on ‘Smart Beta’ Looks Like Expensive Beta

By Dan Egan

With high-fee active managers and hedge funds in decline, and technology lowering much of the cost of day-to-day investment management, how can a fund manager justify a higher-margin product?

Judging by the past, such a product would likely play on consumers’ desire to beat the market, without trading off liquidity, concentration or opacity risks.

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This article originally published June 8th, 2015 on