The Active Manifesto Kerfuffle
by Clifford Asness, Ph. D. AQR Capital Management, Inc.
The recent Sanford Bernstein research note calling indexing “worse than Marxism,” created quite the kerfuffle. In my Bloomberg op-ed article, I discuss how the Bernstein note, while perhaps kick-starting some valuable discussions in the world of finance, missed, or at least minimized, something much more important — free riding on price signals is not a bug of Capitalism to be exploited by “greedy red indexers,” but instead may be the most important feature of Capitalism.
This post was originally published at AQR Capital
Copyright © AQR Capital
