TY - JOUR T1 - The Role of Investment Philosophy in Evaluating Investment Managers JF - The Journal of Investing SP - 6 LP - 11 DO - 10.3905/joi.2006.635623 VL - 15 IS - 2 AU - John R. Minahan Y1 - 2006/05/31 UR - https://pm-research.com/content/15/2/6.abstract N2 - Because returns have a substantial random element, investment philosophy analysis is a critical component of evaluating an investment manager. Despite this, most investment management firms do not have well-articulated investment philosophies; many are mere marketing slogans rather than thoughtful encapsulations of the investment insights an investment process is designed to exploit. The absence of well-articulated investment philosophies compounds the challenge of differentiating alpha from noise, and alpha-generators from alpha-pretenders. By not better articulating their philosophies, true alpha-generators are passing up an opportunity to distinguish themselves from the pretenders.TOPICS: In markets, in portfolio management ER -