Articles (7)

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  • IFA Contributors

    Where are the Customers' Yachts? A Good Hard Look at Wall Street

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    by Mark Hebner — Updated: Friday, June 26, 2020

    Once in the dear dead days beyond recall, an out-of-town visitor was being shown the wonders of the New York financial district. When the party arrived at the Battery, one of his guides indicated some handsome ships riding at anchor. He said, “Look, those are the ...Read More

  • Mark Hebner and IFA Contributors

    The Never-Ending Pursuit of Manager Alpha – Updated

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    by Mark Hebner and Murray Coleman — Updated: Tuesday, August 20, 2019

    As we have pointed out on many occasions, both stock picking and hiring an active manager to pick stocks on your behalf are mug’s games. While some investors diligently study individual stocks and other investors handsomely pay active managers to deliver alpha (an ...Read More

  • Brad Steiman

    Paradox of Skill

    19,599
    by Brad Steiman — Updated: Tuesday, July 9, 2019

    Manager selection is a process that requires analyzing noisy performance data, so it should lean heavily on the notion of statistical ...Read More

  • Mark Hebner

    Calculations for t-Statistics

    64,536
    by Mark Hebner — Updated: Wednesday, May 22, 2019

    In calculating the t-stat, the first step is to determine the excess returns the manager earned above an appropriate ...Read More