FYI: Qiang Bu, author of the study “Do Persistent Fund Alphas Indicate Manager Skill?”, which appears in the Fall 2017 issue of The Journal of Wealth Management, examined whether long-term fund alphas come from manager skill or luck.
His study covered the 20-year period 1993 through 2012, and included 476 U.S. mutual funds that existed through the full period. (Note there were more than 1,000 U.S. equity funds at the start of the period.) Using a group of bootstrapped winner funds as his benchmark, he compared this benchmark to actual winner funds over the period.
Regards,
Ted
http://www.etf.com/sections/index-investor-corner/swedroe-21?nopaging=1
