FT 28/4/2012

FT 280412Infinite perils of pin-wielding monkeys

By Matthew Vincent

Having started to read a more contemporary work – a free ebook on investing by market researcher Pete Comley – I am reminded that this tendency of professional fund managers to sell into troughs and buy into peaks is nothing new.

Indeed, the book brings together chapter and verse on the subject – and rather gives its conclusion away in its title: Monkey With a Pin (taken, Comley says, from the pseudonym of the “random” entry to the UK Stock Challenge investment competition that, on average, beats two-thirds of human contestants, and “many fund managers on salaries of £1m+”).