Passive Investment Strategies and Efficient Markets
论证被动投资策略的证据支持，并回应主要批评，认为被动管理适用于各类市场，近期对有效市场假说的攻击并未削弱指数化投资的理由。
This paper presents the case for and the evidence in favour of passive investment strategies and examines the major criticisms of the technique. I conclude that the evidence strongly supports passive investment management in all markets—small–capitalisation stocks as well as large–capitalisation equities, US markets as well as international markets, and bonds as well as stocks. Recent attacks on the efficient market hypothesis do not weaken the case for indexing.