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An index-fund evangelist is straying from his gospel

Long against smart-beta funds, Dr Burton Malkiel says he is now a proponent of Advanced Indexing.

Dr Malkiel is chief investment adviser for Wealthfront, an automated investment manager that recently adopted a new approach it calls Advanced Indexing.

IN his classic 1973 book "A Random Walk Down Wall Street", Burton Malkiel, a Princeton economics professor, made an assertion that was startling at the time: that "a blindfolded monkey throwing darts at the stock listings could select a portfolio that would do just as well as one selected by the...

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