Q&A: Is Market Efficiency the Culprit? - Fama/French Forum

Q&A: Is Market Efficiency the Culprit? - Fama/French Forum: "Most investing is done by active managers who don't believe markets are efficient. For example, despite my taunts of the last 45 years about the poor performance of active managers, about 80% of mutual fund wealth is actively managed. Hedge funds, private equity, and other alternative asset classes, which have attracted big fund inflows