Falling 10-year Treasury yields drove manager performance more than individual skill
Andrew Tsai · Andrew Tsai – Catching a Theme on the Chalkstream (EP.73) · Oct 22, 2018 · at 57:51
Andrew Tsai, CIO of Chalkstream Capital Group, reflects on structural tailwinds across asset classes over the previous four decades.
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“A graph of tenure yields going back 40 years. And the reason I keep it there is that it looks like a ski slope, right? It goes from 14% down to where it is today. And there's been some gyrations, but it's basically, I say this to all my contemporaries, like none of us are as good as we think we are. We've been the beneficiaries of, you know, so if you think about hedge funds, equities, real estate, private equity, directly, you know, if that chart didn't look like that”
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