July 2017: Performance Anxiety

I’ve said it before, but it’s worth saying again: An asset manager’s raison d’être is to make returns for its investors. If it cannot produce positive returns and outperform the various benchmarks against which it measures itself, it will ultimately cease to exist. It might have a small army of quants and analysts in its ranks, the best technology money can buy, offices that are the envy of the money management industry, and principals with peerless pedigrees and exemplary track records, but the