Chapter 6. A Reality Check from an Institutional Investor
Neil E. Riddles

Executive Summary

Neil Riddles provides a dissenting view by pointing out the exigencies of the marketplace that prevent him from using the concepts developed in this book. This chapter will stand in contrast to that of the other authors. While I agree with much of what has been written, it is not easily applied to the world of institutional money management. In a perfect world, managers would identify the correct benchmark, the most appropriate and meaningful statistics would be employed, and everyone would operate with a time horizon sufficiently long to assess skill and achieve the clients’ goals. Unfortunately, that is not the world we live in. Institutional asset managers ...

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