3 ms·
But how do you know that someone will be an above average manager, relative to others with a similar track record, pedigree, firm handshake or whatever? Of cour
by rurp 3y ago
But how do you know that someone will be an above average manager, relative to others with a similar track record, pedigree, firm handshake or whatever? Of course the answer is that we don't know, it's spending tens of millions of dollars for a chance at getting an above average leader, and maybe ending up with a below average one instead.
- woah 3y agoRaising the management cost by a few thousands of a percent of AUM for a few percent chance of having a few percent better yield seems like it might make sense