Good advice. One of my favorite articles on the persistent mistaking of luck for skill in the investment management industry is "Track Records are Rubbish (or

Good advice. One of my favorite articles on the persistent mistaking of luck for skill in the investment management industry is "Track Records are Rubbish (or Why Managers are Factors in Drag)" [1]. A short excerpt: ...most managers are really just overconfident, incoherent collections of habits, assumptions, ideologies, and cognitive and emotional biases emanating from the most dangerous black-box of all - the human mind. Sometimes these habits, assumptions and biases are aligned with the market, and the manager does well. Sometimes the manager is 'out of sync', and he does poorly. [1] http://advisorperspectives.com/dshort/guest/BP-130108-Track-Records-Are-Rubbish.php http://advisorperspectives.com/dshort/guest/BP-130108-Track-...