So, just how smart is "smart-beta." The industry's smart-alecs are trying to decide.

For example, a Wall Street Journal article quotes Research Affiliates founder Rob Arnott as saying that smart beta "lacks theoretical rigor."

However, Arnott quickly follows up in his quote by adding "That said, it's a fun term." His firm does use smart beta in it marketing and drills down on the concept on its website.

Meanwhile, Barron's columnist Brendan Conway scrutinizes the higher risks, and purportedly higher returns promised by the concept. 

Edited by: Tommy Fernandez


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