Things I Expected Would Have Changed by Now (But Have Not)

This short article discusses some things that the author expected would have changed by now but that have not. The topics include the Norway model versus the endowment model for strategic asset allocation, the surprising direction taken by passive investing, the growing disconnect between asset pricing models and quant investing in the real world, the value premium showing no signs of disappearing, and the article peer review process still not tapping into the wisdom of the crowd. For each point, the author discusses his expectations, what happened instead, and likely explanations.