The Folly of Blame: Why Investors Should Care About Their Managers' Culture

摘要

Sure, you realize that finger-pointing is bad when investments sour or trades go south, whether at your own investment firm or your manager's investment firm. But did you know that a pervasive culture of blame can actually predict poor long-term investment performance? This study offers empirical proof that you should avoid highly negative, blame-oriented investment firms: They suffer from poor operating results, unhappy employees and miffed clients. It extends the old adage, "Do business with people you like"-to include a more critical lesson-"or you'll lose money!"