RT Journal Article SR Electronic T1 Luck versus Skill JF The Journal of Investing FD Institutional Investor Journals SP 27 OP 30 DO 10.3905/joi.2002.319521 VO 11 IS 4 A1 Dennis M. Bein A1 Brett H. Wander YR 2002 UL https://pm-research.com/content/11/4/27.abstract AB If a manager has an outstanding track record, how can we tell how much this past success is due to luck versus skill? The complex nature of active portfolio management makes this assessment very difficult. This article provides a conceptual framework for thinking about this issue. A meaningful track record should reflect a significant number of investment decisions. It is not sufficient to simply outperform over what might appear to be a significant time horizon.