The Biggest Failure in Investment Management: How Smart Beta Can Make It Better or Worse

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• The negative gap between investor returns and fund returns is the biggest failure in investment management. Alpha is only a sideshow.
• If we extrapolate the investor returns gap to smart beta strategies, poor client timing will completely negate the potential for positive excess returns.
• The client service model for smart beta strategies needs to be radically different from other types of strategies to produce better investor outcomes.