Dimensional's first product was "designed literally on Banz's paper," Sinquefield said in an interview "It was the fifth quintile he talked about." In 1982, Dimensional launched what was almost an index fund covering the smallest 20 percent of the stocks traded on the New York Stock Exchange. … Sinquefield rejected Banz's proposed "arbitrage," which involved holding small stocks and taking short positions on large stocks, because of its high volatility. … "Frankly, that's all that could have been sold to the pension community anyway."

Donald MacKenzie, An Engine, Not a Camera, loc. 438