“…..……few (investors) are explicit and transparent as to the nature of these beliefs — i.e., how they believe markets operate, their definition of success in investment, and their assessment of the proper role of investors in the marketplace. Fund managers and trustees have an obligation to their beneficiaries to be as clear and explicit as possible about these beliefs, to act on them coherently and consistently…………………”

IRI Working Paper, “Investment Beliefs Statements”, Harvard Kennedy School, October 2011

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