O'Reilly logo

Simple But Not Easy: An Autobiographical and Biased Book About Investing by Richard Oldfield

Stay ahead with the world's most comprehensive technology and business learning platform.

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, tutorials, and more.

Start Free Trial

No credit card required

Chapter 10 – When to fire a manager

The fact of investment life is that investors nearly always change horses after their first horse has performed poorly. Poor performance alone is a very bad reason to change. Investment consultants often set performance targets which cover a five-year period, and recommend sacking the manager if after five years the manager has not beaten the target. This is not in the client’s interests.

Bad performance is a bad reason

Even those who know perfectly well that past performance is no guide to future performance find it difficult to pay much attention to this sobering truth. They cannot suppress knowledge of the performance they have suffered or missed out on when they are deciding whether to hire or fire ...

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, interactive tutorials, and more.

Start Free Trial

No credit card required