Peter Bernstein

“So that standard deviation had been going down, down, down, sixties, seventies, eighties, into the nineties. And then there was a massive reversal where the standard deviation went way back up around the dot com period. And so there's a spike, and then it come…”

“From 1994 to 1999, that five year period, Yale's U.S. Equity managers that they hired underperformed the market by 40 percentage points cumulatively. Eight percent per year for five years. Not a single manager was fired.”