About Matt This is the formal headshot every financial person is forced to smile through. I run the money manager search and due diligence process at a $3 billion AUM RIA. Money managers pitch my team and I decide who makes the cut for our clients to invest in. Most don’t. I look at whether a good track record came from skill or from being in the right style box at the right time. Individual investors almost never get to see the full due diligence process. They see a fact sheet, calendar year returns, and maybe a chart that starts in a conveniently chosen year. This site attempts to close that information gap. What You’ll Find Here Whether a money manager’s track record is skill or luck, and how to tell the difference Why down years are just as important as the good times in evaluating strategies Fees and the returns that disappear alongside them Capacity and why success can negatively impact returns Incentives and what the pitch is engineered to leave out You won’t find market predictions or this week’s take on the Federal Reserve. That sort of content is everywhere, it’s wrong as often as it’s right, with no accountability. In my world, process holds up better than prediction in the long run. Why Listen to Me Twenty-plus years buying investment strategies (as opposed to being sold the product of the month). While I’ve never seen bad back-tested numbers, I’ve heard every excuse for underperformance of live returns. I’ve also learned to hear what isn’t being said during investment pitches. I hold the CIMA® certification and have served on the Investments & Wealth Institute’s Annual Conference and Membership committees. I think a whiskey-making metaphor can explain the impact of fees on a portfolio better than a spreadsheet does. I wonder why people continue to outsource their due diligence to magazine covers and 30-under-30 lists. Investing is a serious subject, but it doesn’t have to be boring. Disclaimers These are my personal views, not my employer’s. I do not make specific security recommendations. I am not making performance claims or anything that constitutes personalized advice. I don’t know your financial situation and I’m not going to pretend otherwise. Media mentions: Abnormal Returns – Why Picking Good Funds is so Difficult Barron’s 2012 – Is the New Money Market Fund an ETF? Abnormal Returns – Our True Goals