Hi Jason,

I did not mean to suggest that success was only about returns (but it does seem that in the competitive world of mutual funds, returns are the only factor that counts). Rather, success in advising individuals and families on how to reach their financial goals encompasses not only after-tax returns but a discussion of risks and the consequences of being wrong.

Your point that the primary job of an investor is to understand information is spot-on. Important in that understanding is knowledge of financial history.

My personal understanding is that markets are practically efficient (few can produce long-term alpha after including costs and identifying those superior managers in advance is quite difficult). Instead pursuing alpha through tools and tactics discussed in my blog post (linked to my name above) is more rewarding than security selection and market timing. This understanding is my conscious reality.

Best regards

Paul