'Murder on the Orient Express: The Mystery of Underperformance': Peter Drucker Redux

摘要

With his usual clarity, Charles Ellis assigned culpability to investment managers, investment consultants, fund executives, and investment committees (July/August). The essential problem is that the fees are not warranted by the service being delivered, and all parties to active management have a hand in the dysfunctional outcome. Ellis's critique is similar to the famous point made by Peter Drucker: Efficiency is doing things right; effectiveness is doing the right thing. The money management business is certainly efficient but woefully ineffective.