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Michael Mauboussin Master Class — Moats, Skill, Luck, Decision Making and a Whole Lot More
Acquired
The Paradox of Skill
The standard deviation of excess returns, riso alpha, right? So excess returns. If you're an active manager, what you want is a big fat bell shaped distribution. And then what has happened consistently is the bell shaped distribution skinnier and skinier and sinnier,. Which is exactly what you expect from the paradox of skill.
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