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On Piketty

By Rolf on 15 January 2015

I admit that I did not finish Piketty’s Capital in the 21st Century. If you did and liked it, you may want to stop here. I did get a bit further than the typical reader who, according to reports based on annotations on the Kindle version, made it to about page 26. I found it […]

Posted in Comments/ramblings | Tagged Empirical research, Philosophy, Statistics

The performance of asset managers

By Rolf on 25 April 2014

I have made only one specific investment recommendation on this weblog so far and it has turned out to be rather poor advice, at least in the short term. I questioned the wisdom of investing in the Carlyle IPO almost two years ago. But Carlyle has comfortably outperformed both the market and its sector since […]

Posted in Comments/ramblings | Tagged Empirical research, Manager selection, Performance, Statistics | 2 Responses

Lies, damn lies and FTfm statistics

By Rolf on 15 April 2012

This week’s FTfm (the FT’s financial market supplement) ran an article headlined Hedge fund gains are other funds’ losses (access reserved to subscribers). It finds that hedge fund managers outperformed over the past thirteen years and that this outperformance was “financed” by a corresponding underperformance of traditional asset managers. This would be very good news […]

Posted in Comments/ramblings | Tagged Hedge funds, Market efficiency, Performance, Statistics | 1 Response

Showing ever better performance

By Rolf on 10 April 2012

Even though we all know that past performance is a very imperfect guide to future performance, it is still a major factor for many investors – if not the major factor – in the manager selection process. It is therefore natural that managers seek to present their performance numbers in the most favorable light possible. […]

Posted in Comments/ramblings | Tagged Performance, Reporting, Statistics

About this weblog and its author

Rolf Banz spent his career in the investment industry in the US, the UK and, most recently, in Switzerland. To older people, he is known as the "father of the small firm effect". This weblog consists of a series of essays and shorter pieces on a range of issues at the intersection of institutional investment and investment theory. Please see this post for a description of the objectives of the weblog and the About page for further information on the author and the site.

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