There are three intangibles that all good portfolio managers have, says Jacques Lussier, CFA, but factor-based benchmarks are still the best way to distinguish the effective managers from the lucky ones.
Manager selection still does matter. To help readers navigate the manager selection process and stay current on the latest in both theory and practice, Mark Harrison, CFA, has compiled a range of informative materials from CFA Institute publications.
Most wealth managers’ organizational charts have very little padding. Consequently, it’s important to make good hiring decisions the first time around and to avoid the hire-fire-hire cycle, but some firms lack a methodical approach to hiring.
The golf analogy, "What are the chances that someone posting a 50 on the front nine is actually a scratch golfer?" is used to describe emerging managers.
Many institutions, even the large, sophisticated plan sponsors, end up buying high and selling low when it comes to hiring investment managers. How can that be?
The chief investment officer at the Bass Family Office says that the expected quality of a hedge fund manager is a function of additional return, minimal volatility, a bias toward positive returns, and less big blow ups.
Creating a hedge fund index that reflects investor experience is certainly a challenge, but the assertions made in the academic research point fingers at the wrong issues. Ted Seides thinks it worthwhile to set the record straight.
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