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Politics : Ask Michael Burke

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To: BGR who wrote (81072)	5/23/2000 2:14:00 PM
From: Michael Bakunin	Read Replies (1) of 132070

Odd, but unimportant. Your actions (call-buying, sector weighting) belie your protestations about active management. In hiring yourself to make active investment decisions, you implicitly accept the main lesson of that study: "..the policy of zero investment in active managers can only be supported by extremely skeptical prior beliefs about the probability of skill; such extreme skepticism could not possibly be proved using current methods and data." Good for you, for making the rational choice actively to invest some of your money. I am less confident in your assessment of your chosen manager; what evidence do you have that he's one of those with skill? -g-, -mb

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