I feel privileged to be asked to contribute occasional articles to the CFA Institute blog, Enterprising Investor. The Institute does excellent work, all around the world, in promoting the highest standards of ethics, education, and professional excellence for the ultimate benefit of society.
My first post for Enterprising Investor is on a study of UK active equity fund managers which concludes that:
- the vast majority of fund managers are “genuinely unskilled”, and
- even those very few managers who do beat the market consistently “extract the whole of this superior performance for themselves via their fees, leaving nothing for investors”.
You can read the article here: