Implementation Shortfall
指出投资行业过度关注寻找赢家，却忽视了识别和剔除输家这一执行缺口的主要来源，并讨论了代理效应、隐藏成本、现金储备和惯性等问题如何加剧追逐赢家的负面影响。
Much of our industry focuses on identifying winners, whether stock picks, asset classes, managers, or strategies. We could eliminate a main source of implementation shortfall, however, by spending at least as much effort on identifying and purging losers. Also in need of our attention are problems or practices that exacerbate the effects of chasing winners, including agency effects that encourage comfortable, not profitable, investing; ignoring hidden costs; holding cash reserves; and allowing inertia to inadvertently change the asset mix of our portfolios.