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| Course 507: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Measuring Mutual Fund Manager Skill | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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The mutual fund landscape is littered with former "star" managers. Oakmark Fund OAKMX manager Bob Sanborn crushed his peers in the early 1990s, but was "reassigned" in 2000 after posting poor relative returns in the late 1990s. Kinetics Internet Fund WWWFX gained a phenomenal 196% in 1998 under manager Ryan Jacob; at Jacob Internet Fund JAMFX in 2000, however, Jacob disappointed, as the fund lost 79% of its value.
That begs the question, How talented were these "stars" in the first place? There's no easy way to figure out whether a fund manager is a gifted stock-picker who can keep it up or merely a lucky one who was in the right place at the right time. But that doesn't stop investors from trying. This course will cover the various ways that investors measure fund-manager skill and the limitations of each. It also suggests things to consider besides fund-manager skill. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Learn how to invest like a pro with Morningstar’s Investment Workbooks (John Wiley & Sons, 2004, 2005), available at online bookstores. | ||
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