Much better off going with the herd
Some value managers lost their jobs — perhaps most famously Tony Dye, who refused to hold US equities in 1999 because they were so overvalued.
He was fired from his job heading Phillips & Drew Fund Management in early March 2000, just as he was about to be proved right.
Many who kept their jobs had seen so much cash go out of the door that they regretted making the “right” call; asset managers are generally paid a percentage of their assets under management, rather than for their performance, so they’d have been much better off going with the herd.
John Authers Bloomberg 27 oktober 2022
NOBODY KNOWS ANYTHING
They don’t want to be what investor Mark Kritzman calls “wrong and alone.”
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