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Michael Mauboussin – Active Asset Management - [Invest Like the Best, EP.02]
Invest Like the Best with Patrick O'Shaughnessy
Are Active Managers Losing the Assets?
There seems to be, maybe not superstrong, but some mean reversion in performance. The past performance is probably the most powerful indicator whether you're going to get hired or fired. Even if the manager themselves is a genius, it's pretty hard to differentiate yourself at that scale. So as long as you sort of stay in the game a little bit, you could retain your assets and have a good business.
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