Regulation has been one of the main drivers of change in the fund industry in Europe. The impact of the Markets in Financial Instruments Directive (“MiFID”), relative to the gargantuan preparatory measures the financial industry underwent, now appears mute. However investor protection measures such as client classification, suitability, appropriateness, best execution, best interest and the [...]
Archive for April 1st, 2010
Post-MiFID
Posted in Financial Industry, Regulation on April 1, 2010 | Leave a Comment »
Consistent Alpha
Posted in Active Management, Asset Management, tagged Active Management on April 1, 2010 | 1 Comment »
Despite numerous studies (including Jensen: 1968, Blake, Elton Gruber: 1993, Mark Carhart: 1997, and James Davis: 2000) that indicate lackluster performance of active portfolio management, the industry maintains growth, albeit more slowly. One such study, “The Arithmetic of Active Management”, written by William F. Sharpe (1991), makes the case that “(1) before fund costs, the [...]
UNCOMMON SENSE
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