JMF Capstone Wealth ManagementDividends An Illogical Preference – JMF Capstone Wealth Management https://www.jmfcapstone.com An Alabama registered investment advisor Fri, 21 Nov 2025 19:30:19 +0000 en-US hourly 1 https://wordpress.org/?v=5.1.22 Dividends An Illogical Preference https://www.jmfcapstone.com/2015/11/30/dividends-an-illogical-preference/ https://www.jmfcapstone.com/2015/11/30/dividends-an-illogical-preference/#respond Mon, 30 Nov 2015 09:00:28 +0000 http://evolvemypractice.com/?p=2362 A large body of literature examines whether managers of actively managed funds add value to their investors by generating abnormal returns. Unfortunately, not only do the vast majority fail to do so, but the evidence, as presented in my book, “The Incredible Shrinking Alpha,” demonstrates that the already-small percentage of managers able to beat their...

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]]> A large body of literature examines whether managers of actively managed funds add value to their investors by generating abnormal returns. Unfortunately, not only do the vast majority fail to do so, but the evidence, as presented in my book, “The Incredible Shrinking Alpha,” demonstrates that the already-small percentage of managers able to beat their benchmarks has been diminishing at a rapid pace.

Indeed, 20 years ago, approximately 20 percent of active managers were adding statistically significant alpha on a pretax basis. Today that figure is down to about 2 percent.

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