This episode examines the issue of making decisions under conditions of uncertainty. There are some situations of pure luck, like lotteries. There are others, like chess, which are pure skill. For most everything else in between, including investing, there is a mix of skill and luck in success. Under such conditions, investors are faced with the following problem: is an investment manager’s success due to skill or luck? In this podcast, Confluence Chief Market Strategist Bill O'Grady discusses what an investor should focus on when trying to select an investment manager. A hint…it’s all about process.

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