Most active equity funds do not underperform for lack of stock-picking skill. Rather the investment industry incentivizes them to manage business risk at the expense of long-term portfolio performance.
"If life were unchanging, then options would not be as valuable, but life is always changing, which makes options and the ability to deal with uncertainties very precious." — Myron Scholes
"There’s one aspect of MMT that I have some sympathy for: the notion that what we spend money on is far more important than how we finance it." — Cliff Asness
The performance of alternative asset managers is encapsulated in the formula: Wealth = Controls + Economics. Here, we outline the economics component of the equation.
To generalize or specialize? Seventy-five years after CFA Institute was established, how should investment professionals and aspiring investment professionals approach the choice?
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