Index compilers are the new active managers. The point is illustrated by an embarrassing U-turn by MSCI. It has backtracked on plans to add ArtGo, a controversial marble company, to its China All Shares index. Shares that had produced a 3,800 per cent annual return plunged 98 per cent on Thursday.
指數編制公司成為新的主動型資產管理公司。MSCI令人尷尬的逆轉就說明了這一點。該公司放棄將有爭議的大理石公司雅高控股(ArtGo)納入其中國全股票指數(China All Shares)的計劃。這只曾在一年內暴漲3800%的股票周四暴跌98%。
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