n Investment Analysts Journal - Are today's winning institutions tomorrow's losers?
|Article Title||Are today's winning institutions tomorrow's losers?|
|© Publisher:||Taylor & Francis|
|Journal||Investment Analysts Journal|
|Author||JduP. Smith and A.J. Van der Merwe|
|Publication Date||Jan 1999|
ISI Social Science
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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