A Lesson on Black-Box Investing: Kurt Lindner and the Lindner Dividend Fund

“When the facts change, I change my mind.  What do you do madam?”
- Winston Churchill, John Maynard Keynes, Paul Samuelson?

The CFA Institute’s second quarter 2017 Financial Analysts Journal included a research article penned by Martijn Cremers, professor of finance at the University of Notre Dame, entitled “Active Share and the Three Pillars of Active Management:  Skill, Conviction, and Opportunity.”

We are currently struggling with portfolio construction due to historically high stock prices and interest rates that provide little reward, and I thought it would be beneficial to share with you Cremers’ understanding of what it takes to be a successful money manager:

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