Paradox of the skilled investor

Paradox of the skilled investor (intelligent investing with Steve Forbes)

Michael Mauboussin is the chief investment strategist at Legg Mason Capital Management.  This interview with Steve Forbes of Forbes magazine covers:

  • Why private investor returns lag both the market and mutual fund returns
  • The dangers of over-trading
  • How focusing on fund managers with a ‘winning streak’ is often a bad idea
  • How selling under-performing funds or stocks can reduce returns
  • The paradox of the skilled investor – the more skilled investors there are, the more luck becomes important
  • Why even the best managers will have periods of under-performance
  • And much more…



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