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 ShapiroEvidence 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 Winners— Excess ReturnsCreated: 8/11/2026, 7:25:53 AM
My Notes
Loading notes...