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Performance trickery – an investor’s guide to understanding portfolio outcomes

Despite the evidence that past performance is no guide to future performance, investors continue to seek portfolio managers and stock pickers who appear to consistently outperform the market.

In our recent conversation with Craig Lazarra of S&P Dow Jones Indices, he explained why it is so hard for active fund managers – or any investor – to consistently outperform the market in which they invest. In this fascinating follow up, he explains:

  • Why we continue to believe that past performance will persist (despite warnings and evidence to the contrary),
  • The challenges that face all investors when they seek to beat the market,
  • How to spot marketing and advertising that implies consistent outperformance, and
  • His preferred (index) strategy to outperform the big indices.


If you are pressed for time, consider listening at 1.5x or 2x the usual speed – this can actually improve your retention of information while saving time.