Active Management: The portfolio tax
C Thomas Howard argues that active equity fund managers are superior stock pickers but destructive portfolio managers, to the extent that stockpicking skill is completely wasted
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IPE covers a good variety of very current and relevant topics. It is good to read the high-level, independent and objective perspectives from pension funds in other European countries; many of them are dealing with the same issues as we are, so it is interesting to learn from their experiences, especially when they are ahead of where we are on the curve.
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