Better to invest away from the buzz
Philip Coggan / FT
A lot of market movements tell you nothing about long-term trends at all; they are just "noise" in the academic jargon.
Fund managers may not have got better over the last 50 years, but they have certainly become more active. Michael Mauboussin, chief investment strategist at Legg Mason Investment Management, points out in his latest book* that mutual fund turnover has increased from 20 per cent in the 1950s to more than 100 per cent today.
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