The Papers that Changed Investing: The Selection and Termination of Investment Managers

You're running a pension fund. Thousands of retirees are counting on you to grow their savings. So you do what everyone does — you hire fund managers with the best recent track records. The hot hands. The proven winners. And when a manager underperforms? You fire them and find someone better. It's common sense. But here's the question nobody was answering: Does this actually work? Does chasing winners deliver better results?

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