Asset management is a fickle business. Performance at funds is always due to a combination of skill (or lack thereof) and luck (good or bad), and thus the returns at funds managed by firms like Franklin Resources (NYSE:BEN) tends to ebb and flow over time at even the best and worst of fund managers. Yet at the same time, investors chase past performance as if it were persistent and an accurate predictor of future performance. (It's not as numerous research studies have show.) Since the stock price and earnings of asset managers like BEN tends to follow assets under management (or AUM) levels then, it stands to reason that investors should care a lot about performance at company...
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