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M*: Yes, Mutual Fund Managers Do Have Skill

TedTed
in The Bullpen
FYI: A Bloomberg editor alerted me to an academic paper that takes a new angle on measuring investment-manager skill. Rather than compare an entire fund's performance to that of a benchmark, Roberto Stein in "Are mutual fund managers good gamblers?" looked only at a sliver of stock-fund portfolios. Within that sliver, he found, professional mutual fund managers are highly successful.
Regards,
Ted
http://news.morningstar.com/articlenet/article.aspx?id=815380
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