I have only seen the abstract of this article so far. However, the abstract as usual does give away the plot since it states – We provide direct evidence on the effect of financial expertise on investment outcomes by analyzing private portfolios of mutual fund managers. We find no evidence that financial experts make better investment decisions…
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In 2008, Porsche was cruising. The luxury car manufacturer generated $13.5 BN in pre-tax profit, and sold a record 98,652 automobiles — a staggering $136K profit per car sold. Even for a luxury brand, the numbers seemed nearly impossible. Upon closer inspection, $11.5 billion dollars of that profit wasn’t from selling cars — it was from speculating on financial…
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So you want to be a fund manager, sit on a pile of money, move it from here to there and from there to here. Wear a suit everyday to work, a silk tie and maybe have one of those heavy Swiss watches on your wrist. Sounds nice, right? Well I have good news for you.…
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In the past I had always been impressed with Steve Cohen, it seemed that he along with Jim Simons were among the tiny handful of hedge fund managers who deserved their wealth. Cohen appeared to actually generate alpha – that is a return well above his benchmarks. Now the image has lost some of its…
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One of the best ways to find out what an industry thinks of both itself and its clients is to look at how the industry communicates to itself. I came across this piece by Hedge Co an online news source for hedge funds. the title of the piece – How to Get Rich By Starting…
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Forbes have once again produced their annual rich list and once again hedge fund and alternative investment managers are over represented. To steal from Winston Churchill – never in the field of human endevour has so much been paid to so few for so little.
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There are two things that I regard as permanent fixtures of trading – drawdowns and the need for resilience. People come to trading all bright and enthusiastic with the belief that their equity will resemble a lunar launch – it will go straight up and never come down. When this magical state of affairs does…
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This short doco is part of an ongoing series that on the strength of the first episode appears to be well worth subscribing to. My favourite bit – Typical of the reports produced on this subject is this one by the Pensions Institute, based at Cass Business School in London. Researchers examined…
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