active manager excess returns · greycourt white paper no: 57 1– actively passive white paper no....
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GREYCOURT WHITE PAPER NO: 57 – ACTIVELY PASSIVE
WHITE PAPER NO. 57
OCTOBER 2013
“Insanity: doing the same thing over and over
again and expecting the same results”.
– Albert Einstein
THE SAD FACTS
Active Manager Excess Returns
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GREYCOURT WHITE PAPER NO: 57 – ACTIVELY PASSIVE
WHITE PAPER NO. 57
OCTOBER 2013
THINGS ARE EVEN WORSE THAT THEY APPREAR…
BUT WAIT THERE’S MORE…
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GREYCOURT WHITE PAPER NO: 57 – ACTIVELY PASSIVE
WHITE PAPER NO. 57
OCTOBER 2013
US LARGE
US MID
US SMALL
FOREIGN
EUROPE
DIVERSIFIED PACIFIC
EMERGING MARKETS
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GREYCOURT WHITE PAPER NO: 57 – ACTIVELY PASSIVE
WHITE PAPER NO. 57
OCTOBER 2013
HAS THE PAST DECADE BEEN UNIQUE?
Active Manager Excess Returns
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GREYCOURT WHITE PAPER NO: 57 – ACTIVELY PASSIVE
WHITE PAPER NO. 57
OCTOBER 2013
TAXES TAKE AN EVEN GREATER BITE
CAVEAT EMPTOR
US LARGE CAP
US SMALL CAP
NON-US DEVELOPED
EMERGING MARKETS
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GREYCOURT WHITE PAPER NO: 57 – ACTIVELY PASSIVE
WHITE PAPER NO. 57
OCTOBER 2013
ACTIVE SIZING AND TAX MANAGEMENT DECISIONS
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GREYCOURT WHITE PAPER NO: 57 – ACTIVELY PASSIVE
WHITE PAPER NO. 57
OCTOBER 2013
WHICH ASSET CLASSES ARE BEST FOR ACTIVE MANAGEMENT?
CONCLUSIONS
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GREYCOURT WHITE PAPER NO: 57 – ACTIVELY PASSIVE
WHITE PAPER NO. 57
OCTOBER 2013
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GREYCOURT WHITE PAPER NO: 57 – ACTIVELY PASSIVE
WHITE PAPER NO. 57
OCTOBER 2013
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