Things I Expected Would Have Changed by Now (But Have Not)
作者讨论了五个他本以为会改变但实际未变的现象，包括资产配置模型、被动投资方向、资产定价与量化投资的脱节、价值溢价持续存在以及学术评审流程，并分析了原因。
This short article discusses some things that the author expected would have changed by now but that have not. The topics include the Norway model versus the endowment model for strategic asset allocation, the surprising direction taken by passive investing, the growing disconnect between asset pricing models and quant investing in the real world, the value premium showing no signs of disappearing, and the article peer review process still not tapping into the wisdom of the crowd. For each point, the author discusses his expectations, what happened instead, and likely explanations.