They are certainly not independent given they are allocating between the same underlying investments, but I fail to see how they are freeriding given the data.

They are certainly not independent given they are allocating between the same underlying investments, but I fail to see how they are freeriding given the data. Many have looked at this and presented the data far more eloquently than I could: https://hbr.org/2013/05/just-how-useless-is-the-asset/ https://hbr.org/2013/05/just-how-useless-is-the-asset/ http://www.umass.edu/preferen/You%20Must%20Read%20This/MalkielJEP2013.pdf http://www.umass.edu/preferen/You%20Must%20Read%20This/Malki...