Double agents.

The article focuses on research into market efficiency and how anomalies in financial markets can be caused by the way investors choose fund managers. It comments on the paper "Two Centuries of Trend Following" by Yves Lempérère, Philip Seager, Marc Potters, and others on hedge fund momentum and short selling of commodities. It talks about the paper "Asset Management Contracts and Equilibrium Prices" by Dimitri Vayanos, Paul Woolley, and Andrea Buffa concerning low beta stocks.