Performance precedents

People are strange. Investors, at times, are more so. Take, for example, investor behaviour in a bull market, where investors typically tend to be less inquisitive about the details of their performance, just as long as they enjoy healthy returns. Conversely, when pickings are slim, investors are more inclined to conduct a post-mortem in order to establish why and how things went wrong. For institutional investors, and especially the trustees who have a fiduciary duty to act in their clients'