I have been listening to quite a few podcasts over the last few weeks. Most of those podcasts have been around interviews with Fund Managers. It’s been the usual questions i.e. Are we in a bubble? Where are the opportunities? How is your fund performing etc etc.
Some of the interest information I have collected include…
- Everyone seems to be beating the market or their bench mark. Interestingly, the definition of the market and bench marks varies significantly.
- the variation in stocks being held across different funds with everyone still winning (this says alot).
- the conflicting messaging from managers I.e some of the big tech companies are overvalued, money can be made investing in a smaller competitor (usually the argument presented if they don’t hold)
- we own the market leader it’s dominating with first mover advantage why would you invest in a smaller competitor (usually when they hold the market leader.
- point 3 and 4 mentioned by the same fund manager in the same interview about two different stocks ha ha ha ha
- mentioning multiple stocks that have increased by over 100% in the last 12m (no mention of those not performing)
- pumping stocks often with contradicting comments to other stocks they hold (this amazes me).
Make of it what you want however, I can’t help but, think we are presently in a rising tide lifts all boats situation or am I on an Oprah Winfrey show where you get car, they get car, we all get cars!
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Research like this comes out every so often and it always tells the same story -- "professional" investors usually lag the market.
AFR link here if you have a subscription.
It's worse over longer time frames:
Do it yourself, or go passive.
I don't need to pay someone 2%pa to lag the market when I'm perfectly capable of doing that myself :)