The Degree of Challenge: Incontrovertible Irrationality. More than 70% of new manufacturing plants in North America close within their first decade of operation. More than 75% of mergers and acquisitions never payoff
Since 1998, the effective return to hedge-fund clients has only been 2.1% a year, half the return they could have achieved by investing in boring old Treasury bills.
A wealth of research shows the ranks of such star managers are relatively small. And their record of outperformance is typically fleeting measured against the decades needed to save for retirement.