Thought of the Day

Overall, our findings suggest that controlling the style drift of a fund manager does not necessarily result in higher performance for investors.

Russ Wermers

University of Maryland - Robert H. Smith School of Business

http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2024259

PS I think this is not just on Finance, a lot of boundaries, controls and rules prevent good performance and normal functioning of systems. Soviet Union was regulated and was broke. Regulation is very good for the regulators.