Letters to Our Clients
Investment results are easily measured on an absolute basis. Because they are so easily measured, academics, financial advisors, asset allocators, consultants, individuals and a host of others have devoted a lifetime to scrutinizing the results of others. They look to analysts, portfolio managers, the various public and private enterprises, and the markets in an attempt to find a person, some identifiable trait, or a methodology that can be replicated to produce superior returns. For many, the search continues, while others have ultimately decided that if this skill exists, it is not worth the effort to find it, and they just buy enough differing investments and hope to be in the right place at the right time.
Kendall J. Anderson, CFA