As I grow older, I pay less attention to what men say. I just watch what they do.
July 17, 2018
The active manager cannot control his own destiny in times of high market correlation, but when correlation is a normal 26% - or lower - he can “hammer” the market. Correlation is the degree that different securities move together in tandem. The norm of 26% goes back close to a hundred years. Sudden increases in correlation are always...