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Practical Applications

Practical Applications

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Practical Applications of The Myth of the Monkey

Robert Snigaroff and Aimee Picchi
Practical Applications Fall 2013, 1 (2) DOI: https://doi.org/10.3905/pa.2013.1.2.007
Robert Snigaroff
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Aimee Picchi
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The Myth of the Monkey Robert Snigaroff

Abstract

The belief that professional asset managers are no more accurate than monkeys and add no economic value has gained popularity in recent years. Robert Snigaroff, President and Chief Investment Officer at Denali Advisors, argues that the belief stems from the fact that firms are evaluated on the excess returns they produce.

“The financial press has been snookered into writing goofy articles comparing investment advisors to monkeys, and conceptually it doesn’t make much sense,” Snigaroff contends.

This bias led Snigaroff to examine the economic benefits of asset management in The Myth of the Monkey , which was published in the Fall 2012 issue of The Journal of Portfolio Management .

In this Practical Applications report, we outline the author’s thought experiment, which proves that indeed asset managers provide material benefits to an economy—namely, liquidity and information. He gives advise to asset managers on how to frame the discussion with their clients.

  • The content is made available for your general information and use and is not intended for trading or other specific investment advice purposes or to address your particular requirements. We do not represent or endorse the accuracy or reliability of any advice, opinion, statement, or other information provided any user of this publication. Reliance upon any opinion, advice, statement, or other information shall also be at your own risk. Independent advice should be obtained before making any such decision. Any arrangements made between you and any third party named in this publication are at your sole risk.
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Practical Applications: 1 (2)
Practical Applications
Vol. 1, Issue 2
Fall 2013
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Practical Applications of The Myth of the Monkey
Robert Snigaroff
Practical Applications Oct 2013, 1 (2) DOI: 10.3905/pa.2013.1.2.007

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Practical Applications of The Myth of the Monkey
Robert Snigaroff
Practical Applications Oct 2013, 1 (2) DOI: 10.3905/pa.2013.1.2.007
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