Good vs. lucky: Assessing portfolio manager performance
from CFA Institute's Enterprising Investor
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. Lussier, the CEO of Ipsol Capital, is a proponent of statistically reliable performance because investors often mistake good fortune for alpha. “I believe that the performances of managers ... are way more impacted by luck than we would like to admit,” Lussier told Jason Voss, CFA, during a recent Take 15 interview.
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