Part II – "It's a Beautiful Day for Learning"
It is also consistent with the same result found for Vanguard’s managed versus index funds and fundamentally indexed funds versus Vanguard’s indexed funds (Tower, 2009 a &b). Perhaps the current paper’s result that GMO’s relative performance has declined reflects an increase in the efficiency of the stock market. It may reflect an increase in the efficiency of Vanguard relative to GMO ... ................
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