PT  - JOURNAL ARTICLE
AU  - M. Barton Waring
AU  - Laurence B. Siegel
TI  - Debunking Some Myths of Active Management
AID  - 10.3905/joi.2005.517171
DP  - 2005 May 31
TA  - The Journal of Investing
PG  - 20--28
VI  - 14
IP  - 2
4099  - https://pm-research.com/content/14/2/20.short
4100  - https://pm-research.com/content/14/2/20.full
AB  - Too often, active managers promote their services in ways that help perpetuate a number of myths and misconceptions about active management. These include the confusion of alpha with beta, skill with luck, expected return with realized return, and style bets with true active bets. Managers sometimes also claim to be absolute return investors, neglecting to note that all active management is about adding value relative to some sort of investable benchmark. The authors address these and other misconceptions.