Welcome, friend and future deep-dweller!
This is the fourth monologue episode of Deeponomics—a podcast exploring the research, deep ideas, and theories shaping markets, finance, and accounting.
In this episode, we dive into the surprising reality that investment performance, like skills in other fields, may peak and decline with age — and why compounding experience is not always enough to outrun fading risk appetite, changing incentives, and the slow erosion of sharpness over time.
References:
Chevalier, J. & Ellison, G. (1999). Are Some Mutual Fund Managers Better Than Others? Cross-Sectional Patterns in Behavior and Performance. The Journal of Finance, Vol. 54, No. 3. pp. 875-899. Available at: https://onlinelibrary.wiley.com/doi/abs/10.1111/0022-1082.00130.
Jung, Y., Kim, K., Choi, S.T., Lee, J., Kim, B.W. and Lee, H.C., (2022). Association between surgeon age and postoperative complications/mortality: a systematic review and meta-analysis of cohort studies. Scientific Reports, 12, p.11251. Available at: https://doi.org/10.1038/s41598-022-15275-7.
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