What Professional U.S. Stock Investors Get Right
They buy fairly well—better than they sell
“Selling Fast and Buying Slow: Heuristics and Trading Performance of Institutional Investors,” a draft paper by Klakow Akepanidtaworn, Rick Di Mascio, Alex Imas, and Lawrence Schmidt, tackles an unusual question. Setting aside market-timing, professional stock investors have two jobs: 1) buying equities and 2) selling them. How well do they perform each role?
In resolving that query, the authors take conventional analysis one step further.