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You are here: Home / Beginning Investors / Advisors Do Not Add Alpha

Advisors Do Not Add Alpha

October 9, 2013 By Lowell Herr

 

Florida

Florida

ITA Wealth Management is all about learning to manage your own portfolio instead of hiring a professional money manager.  Here is added evidence that consultants and advisors are not adding alpha to some of the most recognized portfolios in the land.

Check out this PDF file, “The Futility of the Endowment Model.”

There several salient points in the article.

  • Some elite institutions – like Yale – may appear to earn alpha, according to Barber and Wang, but it does not come from selecting skillful managers or from dynamically changing asset allocations. Instead, the apparent alpha comes from the mere fact that they hold assets like private equity and hedge funds.
  • In other words, the consultants upon whom endowments, foundations and many advisors rely add no value.

Check out this Charles Ellis YouTube video.

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Filed Under: Beginning Investors, Critical Material Tagged With: Beginning Investors, Critical Material

Comments

  1. Lowell Herr says

    October 9, 2013 at 2:39 PM

    Should anyone find articles similar to this one, please share with other ITA readers.

    Lowell

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