Not exact matches
It is notoriously difficult for portfolio managers to demonstrate persistent
skill and for
investors to identify
truly skillful managers.
Both professional advisers and individual
investors are greatly challenged to identify investment fund managers who might have
truly sustainable
skill.
The superb Abnormal Returns has a post «Investing by the seat of their pants,» which, among other things, discusses William Bernstein's conjecture that «only a tiny fraction, 1 in 1000,
investors have the
skills to become
truly competent
investors.»
Yet very few in the industry (
investors, realtors, appraisers, etc.) ever
truly master this valuable
skill.