What is the most overrated quality in a fund manager?
Many asset managers want you to believe that they are uniquely smart – that investing is such a difficult thing to get right that it should be left to only the brightest among us. In reality, however, successful investing is really quite simple. Intelligence is probably the most overrated quality required to be a fund manager,” says Kevin Murphy, co-head of the global value team at Schroders.
“Napoleon had a good definition of what a military genius is: someone who can do the average thing when everybody else is losing their minds and doing some really stupid things,” he adds. “And to be a fund manager, that’s all you need. You don’t need to be super-intelligent and able to do really clever derivative things, or be a super-duper quant-type mathematical genius. You just need to be able to do the average thing when everyone else is losing their minds.
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