tag:blogger.com,1999:blog-5465015914589377788.post7502469423899437554..comments2024-03-20T09:32:16.592-04:00Comments on Michael James on Money: How to Replicate the Performance of Dynamic FundsMichael Jameshttp://www.blogger.com/profile/10362529610470788243noreply@blogger.comBlogger10125tag:blogger.com,1999:blog-5465015914589377788.post-48307708214435426272020-10-31T19:43:49.335-04:002020-10-31T19:43:49.335-04:00The comment above is a reply to Canadian Capitalis...The comment above is a reply to Canadian Capitalist's comment:<br /><br />Thanks for the mention Michael. Let's check in a few years how many of these market-beating funds continue to their out performance. If the past is any indication, it is likely to be random.<br /><br />It's hard to beat the benchmarks when saddled with 2.5% fees and a cash position.Michael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-1891377295668735852010-12-16T08:15:51.084-05:002010-12-16T08:15:51.084-05:00@Mike: Actually, this post is part of my resume. ...@Mike: Actually, this post is part of my resume. I'm hoping for a job offer from Evil Inc. :-)Michael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-5512917667923488182010-12-15T22:36:53.456-05:002010-12-15T22:36:53.456-05:00I love this!
You know, Michael - if you would use...I love this!<br /><br />You know, Michael - if you would use your genius for evil, instead of good - you could be a pretty rich guy! :)Mike Holmanhttp://www.moneysmartsblog.comnoreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-39086995711431600622010-12-15T13:15:56.659-05:002010-12-15T13:15:56.659-05:00For some reason the following comment from Chris S...For some reason the following comment from Chris Stephenson seems to have disappeared:<br /><br />Well written post, thanks Michael.<br /><br />Though caution is warranted for anyone looking to lump all active managers records into the 'luck' or 'gambling' camp.<br /><br />Here's a balanced article from David O'Leary @Morningstar that I enjoy- http://www.morningstar.ca/globalhome/Industry/News.asp?Articleid=285838 <br /><br />@Chris: Thanks. I agree that we shouldn't say that all successful active managers are just lucky. However, my strategy illustrates the difficulty of distinguishing skill from luck.<br /><br />The article you mention contained some interesting points, but I always react negatively to anyone who suggests that I open my mind. If I think about something for decades and finally make a choice, this is not evidence that my mind is closed.Michael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-1599052384846947482010-12-15T12:42:15.157-05:002010-12-15T12:42:15.157-05:00Well written post, thanks Michael.
Though think...Well written post, thanks Michael. <br /><br />Though think caution is warranted for anyone looking to lump all active managers records into the 'luck' or 'gambling' camp. <br /><br />Here's a balanced article from David O'Leary @Morningstar that I enjoy- http://www.morningstar.ca/globalhome/Industry/News.asp?Articleid=285838Chris Stephensonhttp://www.steadyhand.comnoreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-55197936943330542102010-12-15T11:24:52.810-05:002010-12-15T11:24:52.810-05:00@CC: I was thinking some more about all this and ...@CC: I was thinking some more about all this and I think I can create a mechanical system of continuously producing a handful of lucky winners and quietly closing down losers so that at any one time there are one or more funds with winning streaks of 20 years or more.Michael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-86995680634154765042010-12-15T11:21:41.896-05:002010-12-15T11:21:41.896-05:00@Canadian Couch Potato: I think one thing my exam...@Canadian Couch Potato: I think one thing my example shows is how likely a fund family is to have a few outperformers over a decade even by just luck.Michael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-66215530836480681482010-12-15T11:03:26.193-05:002010-12-15T11:03:26.193-05:00Thanks for the mention, M. Obviously fund families...Thanks for the mention, M. Obviously fund families don't use such a coldly mechanical strategy, but it's undoubtedly true that they create a large variety of funds, quietly fold the losers and market the hell out of the winners, almost inevitably arriving at the same place as the fund family in your example.Canadian Couch Potatohttp://canadiancouchpotato.comnoreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-40673784534839555442010-12-15T09:08:03.713-05:002010-12-15T09:08:03.713-05:00@Patrick and @Doctor Stock: Thanks. I had fun wi...@Patrick and @Doctor Stock: Thanks. I had fun with this one.Michael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-40212958207686207142010-12-15T00:13:49.573-05:002010-12-15T00:13:49.573-05:00Michael, you rock.Michael, you rock.Patrickhttps://www.blogger.com/profile/16816252455472704262noreply@blogger.com