OPINION: With endless research on why managers fail to achieve high returns, an appropriate checklist that encourages challenging views may help.
. The title hints at the solution. Many industries benefit from a set of written edicts that aim to prevent errors in complex and disparate systems.
These team members may make assumptions skewed towards a predisposed view known to the analyst to influence the portfolio manager’s decision. The analyst could be using unrealistic forecasts that, without a reference check, are taken as credible. External providers can also contribute flawed input. Analysis will use a database from Bloomberg, FactSet or MSCI. It is not hard to spot inconsistencies in the way they represent a company’s financial figures, for example treatment of restructuring charges or stock options.
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