Detail The Quest To Outperform   Oleh:  Swedroe, Larry Jenis: Article from Bulletin/Magazine Dalam koleksi: Journal of Accountancy vol. 189 no. 1 (2000), page 32-40. Topik: FINANCIAL; quest; outperform Ketersediaan Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ85.10 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada     Lihat Detail Induk Isi artikel The debate over whether financial markets are innately efficient rages on. Most academics argue that they are, making active portfolio management a loser’s game where the odds of winning are so low it doesn’t make sense to play. Active portfolio managers can’t accept such an argument because it would put them out of business. Noted economist Paul Samuelson sums it up this way : "A respect for evidence compels me to the hypothesis that most portfolio managers should go out of business. Even if this advice to ‘drop dead’ is good advice, it obviously will not be eagerly followed.” While the efficient-markets theory makes an interesting debate and provides useful insights into how markets work, investors really need to know the answer to this question : Can active managers consistently make money exploiting market inefficiencies after factoring in the costs of their efforts ? Mutual fund managers who have outperformed the market in the past make it seem easy, but identifying future winners is difficult. For the majority of investors, active management has achieved inconsistent and below - market results. Before recommending that clients or employers pursue an active portfolio management strategy, CPA s and other financial managers should understand some of the costs that must be overcome for this approach to outperform the market. Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Kembali

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