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Does the Emperor Wear Clothes or Not? The Final Word (or Almost) on the Parable of Investment Management

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  • Philip Halpern
  • Nancy Calkins
  • Tom Ruggels

Abstract

A goal of many institutional investors is hiring active managers that will consistently beat the market. The question is, how can such managers be identified in advance? This article documents one institutional investor's experience with manager selection and offers some thoughts about why successful manager selection is such a challenge.

Suggested Citation

  • Philip Halpern & Nancy Calkins & Tom Ruggels, 1996. "Does the Emperor Wear Clothes or Not? The Final Word (or Almost) on the Parable of Investment Management," Financial Analysts Journal, Taylor & Francis Journals, vol. 52(4), pages 9-15, July.
    • Handle: RePEc:taf:ufajxx:v:52:y:1996:i:4:p:9-15
    DOI: 10.2469/faj.v52.n4.2006
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