Good morning, Researcher

"The market rewards the prepared, not the lucky. You can be unlucky or lucky for about three years, somewhere in that ballpark. Then the truth shows itself one way or another. That’s why I wouldn’t invest with a manager who has less than six years of experience managing third party capital as a stand-alone entity. Unlike the stock market, not all elements of an asset management business can be fully outsourced if it is to have staying power."

— Marlowe Research