Question $3$

Which of the following managers does NOT seem to

have a good investment philosophy?

A manager that exploit anomalies and keep those

anomalies to themselves as to not ruin their investment

thesis.

A manager that knows their anomaly that they use to make

abnormal returns may one day be gone.

A manager that focuses on the success of their investment

process and not just the overall outcome.

A manager that has no investment thesis on one company

but makes changes anyway based on short$-$term company

changes.