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ChristianKl comments on [Link] Mutual fund fees - Less Wrong Discussion
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I think CK means: for all one can tell from Novus's output, they might just have identified a bunch of successful funds and declared them "activist". That would certainly lead to the conclusion that "activist" funds are more successful, but it wouldn't offer any evidence that picking "activist" funds by criteria that don't involve success offers any advantage.
Furthermore the criteria don't have to be explictely about success but can be implicetly about it.