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Conviction, Confidence, and Courage What factors could explain active management's persistent failure to outperform?
BY Craig Lazzara

Never wish to show courage, a wise man once counseled; courage can be displayed only in circumstances where one’s natural instinct is to be afraid, and fear is an unpleasant emotion. This principle, with obvious qualifications, applies to investment management. Successful portfolio management can require holding positions when one’s natural instinct is to sell.

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