n Investment Analysts Journal - Are today's winning institutions tomorrow's losers?

Volume 1999, Issue 49
  • ISSN : 1029-3523
  • E-ISSN: 2077-0227
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Extracted from text ... Number 49 - Part 4 JduP Smith and AJ van der Merwe Are today's winning institutions tomorrow's losers?* 1. Introduction The efficient market hypothesis implies that past performance is no guide to future performance. Nevertheless there is a whole industry in South Africa devoted to tracking, reporting and ranking the past performance of unit trusts and pension funds. This seems to imply that there is a belief that not only does active management outperform passive management, but also the belief that persistence exists; the best performing funds and fund managers in the past are likely to be the best performing ..

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