Benchmarking in most businesses makes sense. But in investment, it prompts investors to outsource their judgment to a few indexers that have become the world’s stockpickers of last resort. John Authers, Financial Times One of the best arguments for the success of active management as an ...
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“A blindfolded monkey throwing darts at a newspaper’s financial pages could select a portfolio that would do just as well as one carefully selected by experts.” So wrote Princeton economist Burton Malkiel, famously, in A Random Walk Down Wall Street (1973). The other week ...
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The path from a good investment theory to a good actionable investment is a tricky one. The other day Ben noted how investing requires both narrative and numbers, and neither alone is sufficient. One of the strongest big-picture investment narratives is the long-term growth potential of ...
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