How has English football and asset management evolved since 1966?

It has been 50 years since England won the World Cup. In the world of investing, an incredible amount has happened since then, and the financial industry today is a very different one from what it was in 1966. Ahead of England's crucial last-16 game today, HSBC's Alexander Davey analyses how the industry has changed.

In 1965, Eugene Fama published a paper coining the phrase 'the efficient market', an academic theory which was to have a profound impact on the world of investing and the concurrent rise of passive investing to the current day and no doubt for many years beyond. Burton Malkiel's A Random Walk Down Wall Street, published in the early 1970s, concluded more formally that flaws in traditional investing produce inferior results to passive investing and first introduced us to the 'dart throwing monkey' that has served journalists so well ever since.  In the early 1990s, Fama and French publ...