Murder on the Orient Express: The Mystery of Underperformance

Financial Analysts Journal
July/August 2012 | Vol. 68 | No. 4 | 7 pages
Source: CFA Institute
Charles D. Ellis, CFA

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Summary

Evidence increasingly shows that a “crime” of extensive underperformance has been committed in mutual funds, pension funds, and endowments. In a pattern reminiscent of Agatha Christie’s famous novel Murder on the Orient Express, an investigation leads to a surprising, if inevitable, conclusion: The usual suspects—investment managers, fund executives, investment consultants, and investment committees—are all guilty.

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Topics
Behavioral Finance
    :
  • Institutional Investor Decision Making
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