Skill Versus Luck : Taking the Guessing Out of Equity Fund Selection
Book Details
Format
Hardback or Cased Book
ISBN-10
0262052180
ISBN-13
9780262052184
Publisher
MIT Press Ltd
Imprint
MIT Press
Country of Manufacture
GB
Country of Publication
GB
Publication Date
Feb 3rd, 2026
Print length
184 Pages
Weight
567 grams
Product Classification:
Economics
Ksh 6,850.00
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How to move beyond guessing about manager skill with decision-based analytics, not the outcome-based analytics used at present.
Skill is the raison d’être for active equity management. Yet precious little is known about manager skill. What is skill? Who has it? How should it be measured? Is a manager’s skill improving, declining, or remaining consistent? Without answers to such fundamental questions, capital allocators have no choice but to rely on inferences, hunches, and guesswork.
In Skill Versus Luck, Michael Ervolini explains how to move beyond skill fog with newer analytics developed over the past decade. Unlike conventional analytics that simply rehash fund outcomes, the newer cause-and-effect analytics relate a manager’s decisions to fund excess returns, providing rigorous measures of manager skill. Results from these newer analytics enable capital allocators to understand manager skill for the first time and make more effective allocation decisions.
Skill is the raison d’être for active equity management. Yet precious little is known about manager skill. What is skill? Who has it? How should it be measured? Is a manager’s skill improving, declining, or remaining consistent? Without answers to such fundamental questions, capital allocators have no choice but to rely on inferences, hunches, and guesswork.
In Skill Versus Luck, Michael Ervolini explains how to move beyond skill fog with newer analytics developed over the past decade. Unlike conventional analytics that simply rehash fund outcomes, the newer cause-and-effect analytics relate a manager’s decisions to fund excess returns, providing rigorous measures of manager skill. Results from these newer analytics enable capital allocators to understand manager skill for the first time and make more effective allocation decisions.
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