The Continuity of Investment Decision-Making Skill

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Unlike past portfolio performance, this measure of investment decision-making skill exhibits a statistically-significant relationship into the future.

The Problem With Performance Attribution

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It’s the standard for reporting, but when it comes to identifying actual decision-making skill — whether you’re a portfolio manager or an allocator of capital — performance attribution leaves a lot to be desired. But there’s an alternative: decision attribution.

On Decision Attribution and Déjà Vu

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When the market tide goes out, investment managers must rely on true investment skill, rather than general buoyancy, to keep them afloat. The question is (and has always been) how.

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