We’re continuing our series on common portfolio wisdom where we’re examining things that have often been said and looking at it to see if it’s really true or a half-truth.

What we’re covering today is whether professional management always equals better returns.

A professional singer is always going to be better than me. We think because we have professional management, we’re going to get better returns.

But the fact of the matter is that that doesn’t always work.

There are always different market strategies like modern portfolio theory or all these different tactical management strategies and they all do well in certain markets, but the truth is that it doesn’t really matter.

It’s market trends that matter.

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