Fund Managers Ride Out Pandemic by Sticking With Old Playbooks
- Stock turnover is near decade’s low at less than 40%
- Murky outlook, recency bias and herding seen behind inaction
Photographer: Michael Nagle/Bloomberg
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Covid-19 upended almost everything, including the trajectory of the U.S. economy, which sank into one of the worst recessions in history and then rebounded into the fastest expansion in decades.
One thing that barely changed this whole time? Professional stock pickers’ tastes.