Burton Malkiel, author of 'A Random Walk Down Wall Street,' said the investment community thought his passive investing idea was 'ridiculous.'
Burton Malkiel said an early review of his famous book blasted his ideas about passive investing.
The father of passive investing told CNBC on Thursday that the shift toward index funds has vindicated his ideas and that there is still too much active management. "When my book was first reviewed by a professional in Businessweek, they said it was the biggest piece of garbage in the world, ridiculous advice," Malkiel said. "Well, now in mutual funds the index share is now more than 50% and the active share is less."
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