Passive investing and index funds have made real-time pricing more efficient, causing information to be reflected in asset prices more quickly than in the past, which means active managers must become more long-term in orientation and rely more on conviction in management and business quality rather than short-term information arbitrage.

causalpending

Speaker

Joseph Shapiro

Evidence Quote

more information is being reflected more quickly in asset prices in real time...forced us to be even more long-term with our orientation

Source

The Compounders Hiding in Plain Sight | Joseph Shaposhnik on Finding Decade-Long WinnersExcess Returns
Created: 8/11/2026, 7:25:53 AM

My Notes

Loading notes...