Why Do Money Managers Fail?
In this introspective thought piece, Paul Black, co-CEO & Portfolio Manager at WCM Investment Management, explores the silent killers that cause money managers to fail. Paul challenges conventional wisdom on multiple fronts, including what it takes to build a $100 billion firm, the cultural problems that can destroy it, and the problems with an industry that penalizes change.
"Our industry too often worships at the altar of process, process, process. 'Don't change the process!' I find it bizarre: money management may be the only business where changing your process or belief system—because you've learned from your mistakes and want to get better—is frowned upon. Where else are you penalized for growing your knowledge base and making necessary improvements?"