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Well worth a read on how poorly active managers have done. I love the title - ' Graham & Dudville'

http://brklyninvestor.com/2023/06/27/graham-and-du...

' As part of my catch up, I plan on reading letters from the various value funds and things like that. One of the first ones, of course, was Sequoia Fund, and I was shocked at how poorly they are doing. I know that in the zero interest rate world, everyone suffered. But this is worse than I thought. I know Sequoia had that Valeant fiasco, but even without that (that happened in 2016?), the dramatic underperformance seems to continue.

I remember once saying that if I was going to go on a mission to Mars and I had to keep my money in some fund, I did say I would put money in Tweedy Browne Value. Over time, I admit I became less and less interested in any funds because as expected returns came down to, say, 4-6%/year, the 1% management fee starts to look like a hedge fund incentive fee, but they get it no matter what (1% of 4% is 25%!!). '

Though not the superinvestors of Graham & Doddsville, today's VisualCapitalist graphic compares current portfolios & Q1 perf of 5 "Superinvestors" including Jim Simons.
I have recently read "The Man Who Solved The Market", the untold story of Jim Simons & Renaissance Technologies, a long detailed history that ,as a reviewer commented, gave no hint of The Secret Sauce or Parting Of The Kimono.

I liked this quote By Robert Mercer, early partner in Renaissance Technologies,

'We're right 50.75% percent of the time...but we're 100% right 50.75% of the time. You can make billions like that.' - Robert Mercer, one of the key figures and former co-CEO of Renaissance Technologies

interesting that this graphic shows Renaissance holding over 3,900 positions & the largest at 2%.
https://www.visualcapitalist.com/what-are-top-inve...

ciao

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