CHICAGO – With U.S. stocks at record highs, there is no substitute for indexing and diversification if advisors and investors hope to achieve better returns, famed investment theorist Eugene Fama says.

Some money managers may outperform short-term, but “you can't tell good luck from good skill, or bad luck from bad skill," says Fama, a co-winner of the 2013 Nobel Prize in Economics, speaking Thursday at the annual Morningstar ETF Conference.

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