Soundbc1

Bird - It has been studied with institutional endowments several times. The studies show that 50% of the replacement funds under perform the replaced funds. There are also several studies out there that look at skill vs luck of the investment manager (Eugene Fama's is one of the most recent). The studies find that only between 0.6% to 2% (depending on whose study) of the investment managers may be skilled, the rest may just be lucky.

I may be off base but if only a licensed professional can own stock in the firm, how can a trust own the stock? If it is in the trust, the participant is not the owner but a beneficiary of the trust.

How about the regs? They are fairly straight forward. How come we continue to call it "New" when it has been around since TRA 86?