It takes more than learning from text books to make money. The difficulty is to grasp emotions and be able to counter natural tendency to buy high sell low. I am a sufferer of sorts thus i do bring up as much of these articles as possible to learn from them. Servo Wealth Management have a narrative of a very well performing actively managed fund in 2013 which for the next year performed not as well

• The good performance attracted more investors to invest in it in 2014, which it goes on to underperform. This gives an idea how difficult the environment for active managers are
• Portfolio rebalancing should mean that investors rebalance by channelling more of their bonds or cash allocations to the fund. Sadly the investors pulled a huge amount out of it
• The funds 5 year annualized return was 25% per annum which greatly out performs the ...

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