Andy Blackburn wrote:

Aren't you giving your money to the latter? Are you
saying in addition one should only pick fund managers
who didn't study finance, or what exactly?

No. As a first cut, I don't think I care what they've studied. I think
I'm primarily interested in consistent results (and that, EXACTLY,
is what I'm saying). What's your priority?

But if you're aiming to make money instead of just
not losing it,
maybe them Nobel folks aren't all that relevant. Making
money is as
much art as science.

What happened to "...if it were otherwise it'd be impossible to staff
grad schools of finance"?

...When I was a student, one of the school's Nobel-winning
finance guys was interviewed by an editor from a business
magazine. He was asked, 'If you guys are so smart,
how come you're not rich?' He answered, 'Many of us
are.'

I've spent my own time around grad schools. Guess what - he lied to the
business magazine. Only a very few of them are rich (see above).

Lesson 1 in investing - a lot of really nice people won't tell you the
whole truth.

GC