FYI: There is a considerable body of evidence demonstrating that the post-hire performance of active managers tends to be disappointing relative to their pre-hire performance. Specifically, managers’ performance tends to regress toward zero after adjusting for expenses, risk, exposure to common factors and survivorship bias.
Regards,
Ted
http://www.etf.com/sections/index-investor-corner/swedroe-chasing-returns-hard-catch
