![ElephantMan](/data/avatars/l/2/2774.jpg?1579173193)
ElephantMan
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![www.institutionalinvestor.com](/proxy.php?image=https%3A%2F%2Fcdn.assetmg.info%2Fdims4%2Fdefault%2F06a0441%2F2147483647%2Fstrip%2Ftrue%2Fcrop%2F780x439%2B0%2B31%2Fresize%2F1440x810%21%2Fquality%2F90%2F%3Furl%3Dhttps%253A%252F%252Fk2-prod-in-investor-prod.s3.us-east-1.amazonaws.com%252Fbrightspot%252F3c%252F34%252F64eaa65a69a1fdcbbf6246b518f1%252F201801amywhytetestosteronehedgefundswebstory.jpg&hash=bd2eb45e9f6b15cba64fd6d51a26f52e&return_error=1)
Why ‘Alpha Males’ Make Bad Hedge Fund Managers
More testosterone results in higher turnover, more aggressive stock picks, and a reluctance to admit to a bad investment, according to new research.
www.institutionalinvestor.com
High-testosterone hedge fund managers “significantly underperform” low-testosterone peers, according to research from the University of Central Florida and Singapore Management University.
'Testosterone can shape trading behavior and lead to sub-optimal decisions,' they wrote.
To estimate each manager’s testosterone levels, Lu and Teo measured their facial width-to-height ratio — a representation of pubertal testosterone exposure that has been linked to high testosterone levels in adults. The researchers found that managers with wider faces underperformed low-testosterone counterparts by 5.8 percent per year after adjusting for risk.
Investors will do well to go against conventional wisdom and eschew masculine fund managers.
holy fuck it's over for high-Tcels
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