Are Young Managers All That?
The first in a four-part series.
Friday's The Wall Street Journal carried an article by Mark Hulbert entitled "Why New Mutual Funds Are Better." The answer in Hulbert's article is because new funds have younger portfolio managers, who are better at the task than are veterans. In that, Hulbert cites an unpublished paper called Scale and Skill in Active Management by Chicago's Lubos Pastor and Wharton's Robert Stambaugh and Lucian Taylor.
To echo Sam Gamgee, this subject needs a week's answer, or none at all.