The publisher's blurb for the new book Chasing Stars: The Myth of Talent and the Portability of Performance by Harvard prof Boris Groysberg says:
"Groysberg comes to a striking conclusion: star analysts who change firms suffer an immediate and lasting decline in performance." Why does this happen? "Their earlier excellence appears to have depended heavily on their former firms' general and proprietary resources, organizational cultures, networks, and colleagues." I wonder if that also applies to mutual fund and portfolio managers. It could form a handy way to filter out future losers.
Kudos to Simoleon Sense where I found the link.
Wednesday, 25 August 2010
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