Professional portfolio managers have two basic functions in life: buying stuff and selling stuff.
New research suggests they do a shockingly bad job of the latter, and it is costing them dearly. What is more, they do not even seem to realise they are doing it.
The report, “Selling Fast and Buying Slow; Heuristics and Trading Performance of Institutional Investors”, which was released late last year, is the result of efforts by academics at the Chicago School of Business, Carnegie Mellon University and MIT, along with data firm Inalytics. It is well worth a read for any investor keen to avoid needlessly missing returns.
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