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Grumbles about passive investing are not entirely wrong
对被动投资的抱怨并非毫无道理

New research bolsters the view that it is undermining the efficient markets hypothesis
新研究表明,被动投资将削弱有效市场假说。由于被动投资,股票反映基本面和冲击的能力变差。

Passive investment is a reasonably simple process that generates more than its fair share of bellyaching. Users love it. Rather than poring over spreadsheets to try to beat the broader market, investors from have-a-go punters to big institutions can buy dirt-cheap exchange-listed market trackers and save the bother.

被动投资是一个相当简单的过程,它引发的抱怨比它理应得到的要多。用户喜欢被动投资。从试试水的赌客到大型机构,各种投资者都可以购买费用极低的交易所上市市场追踪工具,从而省去了麻烦,无需埋头研究报表,试图跑赢大盘。

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