I'd wager that investors' management ratings are more correlated with INVESTOR incentives (client retention and performance fees) than MANAGEMENT expertise: management are incompetent idiots during periods of stock underperformance and savvy operators during periods of outperformance.
Incentives both motivate and color our perceptions.
I'd wager that investors' management ratings are more correlated with INVESTOR incentives (client retention and performance fees) than MANAGEMENT expertise: management are incompetent idiots during periods of stock underperformance and savvy operators during periods of outperformance.
Incentives both motivate and color our perceptions.
I'd wager that investors' management ratings are more correlated with INVESTOR incentives (client retention and performance fees) than MANAGEMENT expertise: management are incompetent idiots during periods of stock underperformance and savvy operators during periods of outperformance.
Incentives both motivate and color our perceptions.
there is no doubt there is a touch of that going on as well!