From Knowledge@Wharton:
Gaming the System: Are Hedge Fund Managers Talented, or Just Good at Fooling Investors?
From the Fama/French Forum:
Fama/French: "Luck versus Skill in Mutual Fund Performance" (LMVTX)
Dogbert is, of course, a sociopath but that's his charm.
That and his little tail when is is especially pleased with a scam.
Most managers have only a vestigial tail.
