Track Records are Rubbish (or Why Managers are Factors in Drag)
From dshort.com - Advisor Perspectives January 8, 2013 - 10:36am
Jan 08, 2013 Adam Butler and Mike Philbrick As usual, you are the butt of the joke. Everywhere you turn, you are bombarded with 1, 3, and 5 year track records for investment products. The investment management industry knows that you are influenced by percent symbols preceded by large numbers, so they market products with the best 1, 3 and 5 year track records, prominently featuring them in newspaper and TV advertisements, knowing that you will be unable to resist the urge to chase into those funds to avoid missing another year of riches.More...
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