How retail investors update beliefs based on financial advice
ANALYSIS: The third of a three-part series on whether active or passive advice is better.
Most of the academic finance literature suggests that passive strategies dominate active strategies for many retail investors.
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Two weeks ago, in part two of this three-part series, I looked at how New Zealand financial advisors handle passive versus active investment strategies. Today I will review the paper which provoked this series, Financial Advice and Investor Beliefs . It was written by Antoinette Schoar from MIT and
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