Academic literature and quant investing

I would be interested in any of your comments here.  My experience is that most buy-side quant managers get most of their ideas from academic literature.  There are different variations but the quant managers really do not have too much fundamental innovations of their own.  However, the problem for quant managers and academic literature is that the academic literature really had nothing really new in the last 10 years.  We got lots of papers published claiming substantial abnormal returns, but there is nothing really that have longer-term efficacy and relatively low correlation with the previously discovered ones.  Maybe your experience is somewhat different?