At the beginning of my career, I learned that when managing money, buying and selling in a portfolio is a tricky thing. On the one hand, it allows you to get rid of underperforming assets and buy into potentially better performing ones. On the other hand, it incurs costs that definitely reduce your performance.
I'm not sure what has surprised me most in this post: that correlation between fund turnover and portfolio returns has virtually disappeared (I had heard of this but not looked at any data) or that Klement has a corgi (I had him down as an over-active collie dog person).
I'm not sure what has surprised me most in this post: that correlation between fund turnover and portfolio returns has virtually disappeared (I had heard of this but not looked at any data) or that Klement has a corgi (I had him down as an over-active collie dog person).
I am, as the kids say, shook.