Do You Need Multiple Active Managers in the Same Category?

The idea is we talk about the fancy work, ergoticity, which is really just timing, luck, terminal wealth. The first person who clued me into this idea was actually Cliff Asness on Twitter. He said if you have a whole bunch of active managers who all pick 20 stocks, it's like throwing darts. They'll all have the same volatility but where they end up is massively different.

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