Active management has successfully delivered alpha from Australian small companies over the long-term. Further, in periods when the dispersion of stock returns within the benchmark has been high, the median manager has delivered strong alpha. However, the ability to outperform the benchmark in periods of low returns dispersion (as has... Show More
It’s ironic I’m writing my first wire to outline techniques you can use to beat professional fund managers. The fact is, most people assume that professional fund managers have an informational edge over everyday investors. This isn’t true. Show More
Short selling scares people. Many advisors categorise long/short strategies as ‘risky’ and they have support from the likes of Warren Buffett who describes it as dangerous and irritating. Our observations show long/short strategies do in fact give skillful managers a competitive advantage. Show More
In The AFR I consider the question of whether the Future Fund should lower its currently lofty CPI plus 4.5% to 5.5% return target after a decade of outperformance and argue that if it is in the alpha-generating business returns are only constrained by the inefficiency of the asset-classes available... Show More