Understanding skill - a paradox
Analyzes the paradox of skill in investing, highlighting abundant managerial skill, the need for opportunity, and evaluating performance through persistent and predictive statistics like active share for identifying potential excess returns.
obj.portfolioconstructionforum.edu.auIn the United States, we live in a very results-oriented society. If someone is rich or famous or beautiful, we tend to think they deserve to be those things. Often, in fact, these factors are self-reinforcing: making money begets more opportunities to make money; being famous provides someone with more ways to leverage their celebrity; standards o
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