The Rise of Evidence-Based Investing
The mutual fund industry is built on a web of deeply satisfying myths of superstar fund managers, benchmarks, quality fund families, quests for value and high-flying recent returns. An iconic television ad right that aired before the internet bubble burst showed Janus fund analysts inspecting underground fiber optic cables to literally dig up value for investors. Fund investors like a good story.
Finke, Michael, "The Rise of Evidence-Based Investing" (2017). Faculty Publications. 751.