The best play for all portfolio managers is to froth up the stock price and take their returns later.
Everyone knows this a bubble but the returns at the end of this of those who time it are juicy - portfolio managers have no choice to be in this game because those who supply the money they invest on their behalf, demand it.
The best play for all portfolio managers is to froth up the stock price and take their returns later.
Everyone knows this a bubble but the returns at the end of this of those who time it are juicy - portfolio managers have no choice to be in this game because those who supply the money they invest on their behalf, demand it.
Its that simple.