"Active management is evolving into smart beta/factor investing based on risk premia, which, like indexing, provides exposures as cheaply and reliably as possible, and pure alpha investing based on informational inefficiencies."

What is the use of "smart beta/factor investing", also called "dumb alpha", in parallel to "pure alpha", if I understand it correctly? It is like wearing an original and a fake watch at the same time. Should the goal not rather be to capture these factors as efficiently as possible through long–short liquid alternative mutual funds, behaving much differently than the overall market, as Rabener pointed out recently in "Smart Beta: Broken by Design?":
https://blogs.stage.cfainstitute.org/investor/2019/02/11/smart-beta-bro…