A. Michael Lipper, CFA, is president of Lipper Advisory Services, Inc., a firm providing money management services for wealthy families, retirement plans and charitable organizations. A former president of the New York Society of Security Analysts, he created the Lipper Growth Fund Index, the first of today’s global array of Lipper Indexes, averages and performance analyses for mutual funds. After selling his company to Reuters in 1998, Lipper has focused his energy on managing the investments of his clients and his family. His first book, Money Wise: How to Create, Grow and Preserve Your Wealth, was published by St. Martin's Press. Lipper’s unique perspectives on world markets and their implications have been posted weekly on his blog since August, 2008.
I worry when I see a poorly performing fund with low turnover rates that we could be experiencing one of the biggest untaught risks in portfolios: stubbornness.
"In the real world more often than not we are confronted with challenges and therefore opportunities that take us off the narrow principles-based trajectory we have been schooled to follow." says A. Michael Lipper, CFA.
Unrealistically, most investment discussions focus largely on purchase decisions and almost all the rest of the time on when to sell. In contrast, as both an investment manager and a member of numerous investment committees, our most frequent interaction with an investment account deals with flows; money coming in or going out.
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