Retirement Insurance

Markets are generally efficient in the long term, but there are short-term inefficiencies that can be exploited; The degree of market efficiency varies across asset classes, sectors and geographies at different points in time; Markets are cyclical; No single manager can consistently outperform the market; Managers subscribe to different philosophies and have different styles which make them perform differently under different market environments; Over time, specialist managers outperform generalists more often than not.