The article states:
"Academics uncover market inefficiencies, publish them, and the market trades them out of existence.

Indeed, Kahn noted, the sell-side quant firms send out regular emails and basically everyone has relatively easy access to what the academics are identifying."

I am skeptical of this. For example, the negative relationship between accounting accruals and excess returns, "accruals anomaly" was first documented by Sloan (1996). The Persistence of the Accruals Anomaly (2010) by Baruch Lev and Doron Nissim shows the anomaly has persisted and not declined in magnitude since publication. http://www.columbia.edu/~dn75/The%20Persistence%20of%20the%20Accruals%2…