Active Fans Are Wrong, Bogle Is Right, AQR the Exception

My last few entries highlighted some recent AQR papers with hopefully some interesting commentary. I know it's a little weak to do that again so soon, but some of the papers are just too cool not to opine on. I have a particular weakness for pricking the bubble of conventional wisdom, and, much geekier, for arguments that hinge on the subtleties and great value of true diversification. This one has got it all, and I couldn't resist discussing it.