Aurora Borealis
1 July 2012 Financial Analysts Journal Volume 68, Issue 4

Murder on the Orient Express: The Mystery of Underperformance

  1. Charles D. Ellis, CFA

Evidence increasingly shows that a “crime” of extensive underperformance has been committed in mutual funds, pension funds, and endowments. In a pattern reminiscent of Agatha Christie’s famous novel Murder on the Orient Express, an investigation leads to a surprising, if inevitable, conclusion: The usual suspects—investment managers, fund executives, investment consultants, and investment committees—are all guilty.

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