In 1973, Burton Malkiel, a professor of economics at Princeton University, made an astonishing claim in his best-selling book ─ A Random Walk Down Wall Street. He claimed that a blindfolded monkey throwing darts at a newspaper’s financial pages could select a portfolio that would do just as well as one carefully selected by experts. The implications were profound. It meant that professional fund managers do not create any value for the investors. Unsurprisingly, it was fiercely opposed by the investment professionals and has since been a source of a long-standing debate.
Valuations in Indian markets have become reasonable: Mirae's CIO Surana
Read More
