Short-termism is eating portfolio performance!

"The turnover rise in the “passive” S&P 500 Index and lower commission costs suggest that a reasonable turnover level today is certainly higher than is was thirty or forty years ago. But most money managers are turning their portfolios too rapidly, resulting in substantial transaction and market impact costs, as well as an unnecessary tax burden. Short-termism is eating portfolio performance. "

Short-termism is eating portfolio performance!