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Fund managers war over smart-beta ETFs

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Mr Asness says that popping in and out of assets based on valuations is rarely a good idea; and the principle applies to all stocks.

Tokyo

TRYING to time the market is a dumb idea. That in a nutshell is Cliff Asness' opening salvo into an escalating war of words over smart-beta exchange-traded funds (ETFs), triggered in February when one of the inventors of the approach said that many had become too expensive. Mr