By Mark Skousen “You can win a horse race, but you can’t beat the races.”
– Jesse Livermore
“It is easy to determine that Warren Buffett’s performance was due to his skill in picking stocks. But for more mortal portfolio managers, it is extremely difficult to determine with any degree of confidence whether the superior returns of money managers are due to skill or luck.”
– Jeremy “The Wizard of Wharton” Siegel
At Berkshire Hathaway’s annual shareholders meeting this year, Warren Buffett reported on a 10-year, $1 million bet he had with a group of hedge fund managers.
Protégé Partners chose five top money managers who it argued …read more
