Stockpicking skill is no guarantee of success in running a business

Star fund managers may be good at running portfolios but the evidence they are good at running their...

Star fund managers may be good at running portfolios but the evidence they are good at running their own businesses is not so clear cut. One reason for the success of boutiques such as Thames River is the managers get on with running the money while the management get on with running the company. Despite the bear market, investors' faith in the best the funds industry has to offer has not fallen - it has in fact risen. The result is that top managers are increasingly powerful within their own organisations and often appear more like individual business units than just portfolio managers....