The trouble with institutional investors is that their performance is usually measured relative to their peer group and not by an absolute yardstick. This makes them trend followers by definition.


Soros on Soros: Staying Ahead of the Curve (ed. 1995)


The trouble with institutional investors is that their performance is usually measured relative to their peer group and not by an absolute yardstick. ...

The trouble with institutional investors is that their performance is usually measured relative to their peer group and not by an absolute yardstick. ...

The trouble with institutional investors is that their performance is usually measured relative to their peer group and not by an absolute yardstick. ...

The trouble with institutional investors is that their performance is usually measured relative to their peer group and not by an absolute yardstick. ...