Are single manager "buy and hold" concentrated funds dead?
Are single manager "buy and hold" concentrated funds dead? Funds that rose in the 2015-2021 period that are nothing more than glorified PAs betting on zero interest rates, tech and easy money, funds that were up 200% in 2020 but down 90% since. Are these so called "super investors" basically done? Who would give these people money? I certainly wouldn't. MM and multi-strat. will feast on these guys.
Agree or disagree? The truth is, any monkey (or squirrel) would have been up 200% in 2020. No skill needed. Any monkey (or squirrel) would have made money, so what are these fund managers' edge other than luck?
If you were really skilled, you would have been up 200% EVERY year, including 2021, 2022, 2023, so on. That's skill.