""A Translation Guide to Asset Manager-Speak"

The Institutional Investor 

   website published 

"A Translation Guide 

to Asset Manager-Speak"

https://www.institutionalinvestor.com/article/b1kbbc0zfxg4mp/Asset-Managers-BS-Decoded

Here's what 

I liked most:

We have 

never 

lost money 

= We have never 

    made money.

We have 

a great backtest 

= We are going 

    to lose money, 

     after we take 

     your money.

We are not

in crowded 

positions

 = We missed 

     all the best

     performing 

     stocks.

We are not 

correlated 

= We are 

    underperforming, 

    while the market 

    keeps going up.

We invest 

in unique, 

uncorrelated 

assets 

= We have 

    an illiquid portfolio, 

    which can’t be valued. 

We have a 

bottom-up 

approach 

= We have no idea 

    what markets 

    are going to do.

We have a 

top-down 

process 

= We think we know 

    what markets will do, 

    but really who does ?

The markets 

had a temporary 

mark-to-market loss 

= Our fundamental 

    analysis was wrong, 

    and we don’t know 

    why we lost money.