Are results the best measure of success?

In few industries is it as easy to judge success and failure as in investing. Compare the results of an investment manager with the market and you can neatly categorise their efforts as triumphant or terrible. But are results the best measure of success? I used to think so, but I've become far more suspicious of managers who produce exceptional returns. Take former superstar hedge fund manager Phil Falcone. The founder of Harbinger Capital made billions from his early backing of a once tiny iron ore hopeful named Fortescue Metals. In 2007, he compounded that success by earning himself US$1.7bn from subprime...

In few industries is it as easy to judge success and failure as in investing. Compare the results of an investment manager with the market and you can neatly categorise their efforts as triumphant or terrible. But are results the best measure of success? I used to think so, but I've become far more suspicious of managers who produce exceptional returns.

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