”We’re always buying hot numbers, and I think that’s one of the biggest reasons institutional investors underperform,” says Egdar Barskdale , CEO of Federal Street Partners. “You can always lose money with the herd and it’s ok. So if the herd is being attracted to a particular manager and you hire that manager and they turn out badly you can point to all your peers [and show that] you were not the only one who did it.”
