> Why would active management have failed to find and exploit these mispricings before? It should also be noted that idea of taking advantage of mispricings is

> Why would active management have failed to find and exploit these mispricings before? It should also be noted that idea of taking advantage of mispricings is not new. From 1980: * http://www.dklevine.com/archive/refs41908.pdf http://www.dklevine.com/archive/refs41908.pdf * https://en.wikipedia.org/wiki/Grossman-Stiglitz_Paradox https://en.wikipedia.org/wiki/Grossman-Stiglitz_Paradox