Laurence Wormald Browse All Authors Famous Quotes by Laurence Wormald Crowding and herding is the big problem with smart-beta, the illusion of being able to permanently depress the risk on equities through smart-beta or minimum-variance strategies has been very, very appealing, and a lot of money has piled in, but that delusion cannot be kept up because it's based on a strategy that doesn't work when the crowd arrives. Laurence Wormald business