These insights include Active management is forecasting. Information ratios determine value-added. Information ratios depend on skill and breadth. Alphas must control for expectations, skill, and volatility. Why datamining is easy, and guidelines to avoid it.
Implementation subtracts value.
Distinguishing skill from luck is difficult. Speaker Information Ronald N. Kahn is the managing director of Barclays Global Investors, directing the research efforts for BGI's Japan active and enhanced equity strategies. He is on the editorial advisory board of the Journal of Portfolio Management and the Journal of Investment Consulting . Kahn received his Ph.D. in physics from Harvard University in 1985, his A.B. in physics from Princeton in 1978, and was a postdoctoral fellow in physics at UC Berkeley.