Is Performance Persistent
Is mutual fund performance persistent? This is a much debated question, with many journal authors stating that it may be. Of course, Marketocracy, with its lack of other guides depends entirely on persistence of performance for its market edge. Accordingly, Marketocracy is an experiment that should be followed by the academic community, as it would appear to bear out the notion that performance for managers at least, is indeed persistent. If performance were not persistent, the entire Marketocracy model would fail, and the statistics would appear to indicate that it has worked pretty well these last three years.
Timothy Siegel
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