Spring Mountain Capital’s Launny Steffens Speaks at

the Stanford Graduate School of Business

Spring Mountain Capital
November 26, 2018

Palo Alto, California — “Why is Active Management so Difficult if Markets are Often Inefficient?”

This was the topic of discussion at the GSB (Stanford Graduate School of Business) where Professor George Parker contrasted the separate “religions” of investing: passive vs. active management.

As guest speaker in the class, Spring Mountain Capital’s Launny Steffens made the case for active investing and presented three conclusions:

1. Size and expertise are oftentimes the primary drivers of success in active investing
2. Every investment decision is an “active” decision
3. Alpha opportunities are persistent, but nothing lasts forever

Comment from Professor Parker:

“My good friend, Launny Steffens, made a guest appearance in my Wealth Management and Personal Investing class at the Stanford Business School MBA program in November. It was a huge addition to the class with lots of good data and insight about investment performance among the best managers. Maybe Launny has missed his calling in not becoming a professor!”

George G. C. Parker
Dean Witter Distinguished Professor of Finance, Emeritus