“Much of what we experience in life results from a combination of skill and luck.”—From the
Introduction The trick, of course, is figuring out just how many of our successes (and failures) …

Chance in Markets and in Life (New York: Texere, 2001), 89–90. Taleb takes to task the well-
known investor Jim Rogers for arguing against investing in options because of the frequency …

This multi-faceted analysis of institutional investment defines fiduciary finance institutions as
the third pillar of the financial system, alongside banks and insurers. It documents the role …

Australians have over $1 trillion invested in fiduciary products such as pension funds (ABS,
2006a). Since the early 1980's, the policies of successive governments have compelled …

Investors are shifting their investment allocations from active to passive management. This
trend has accelerated in recent years. The investors who are shifting from active to passive …

This study examines the creation of a new professional category, and how the emergence of
professionalization projects is influenced by the introduction of unprofessional norms. In …

“Short-termism” is widely accepted as a major problem in the investment industry. Short-
termism is the tendency to make decisions that appear beneficial in the short term at the …

Abstract The South African investment management sector is considered well-developed
with local fund managers managing approximately ZAR2. 1 trillion in assets as at the end of …

Sorting skillful and lucky participants is not easy in a probabilistic field like the stock market.
Markets tend to express the likelihood of various outcomes, making the financial proposition …

A maioria dos sucessos ou fracassos que vemos são uma combinação de habilidade e
sorte. Neste livro, Michael J. Mauboussin apresenta as definições de habilidade e sorte …