JMF Capstone Wealth ManagementA Laundry List of Excuses for Active Managers – 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 A Laundry List of Excuses for Active Managers https://www.jmfcapstone.com/2016/02/08/a-laundry-list-of-excuses-for-active-managers/ https://www.jmfcapstone.com/2016/02/08/a-laundry-list-of-excuses-for-active-managers/#respond Mon, 08 Feb 2016 09:00:12 +0000 http://evolvemypractice.com/?p=2591 As sure as the sun rises in the east, at the start of each year, you’ll hear from “gurus” appearing in the financial media that this year will be a stock picker’s year. And as sure as the sun sets in the west, when the year ends, you will hear various excuses for why it...

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]]> As sure as the sun rises in the east, at the start of each year, you’ll hear from “gurus” appearing in the financial media that this year will be a stock picker’s year. And as sure as the sun sets in the west, when the year ends, you will hear various excuses for why it was a difficult one for active managers, and why next year will surely be different.

Phishing for Phools

After the financial crisis, a popular excuse from stock pickers was that correlations had risen. Then correlations fell sharply, so another excuse had to be invented. In 2014, it was that the dispersion of returns was narrow.

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