Question: You overheard a conversation by trustees of a defined benefit
You overheard a conversation by trustees of a defined benefit pension plan about how successful they have been in making asset allocation decisions and selecting asset managers. Every year their asset allocation decision has resulted in the allocation to the top-performing asset classes, and the managers that they selected outperformed the asset class benchmark. Comment on whether or not you can judge whether these trustees did an effective job in directing the pension plan.
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