When O'Shaughnessy pointed out to a large pension plan that a specific active manager was essentially the S&P 500 index, the manager was doing something very expensive and active, but market conditions happened to make their active bets invisible due to correlation with the index.

factualpending

Speaker

Jim O'Shaughnessy

Evidence Quote

manager A uh is essentially the S&P 500.

Source

Surviving the Meme Stock Bubble | Cliff AsnessInfinite Loops
Created: 8/12/2026, 5:59:18 PM

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