Why there's no such thing as a 'perfect' fund manager (well, except in one instance)

For many investors, the perfect fund manager would be highly experienced and an individual with an impeccable reputation. He or she would likely be considered a cornerstone of the financial services community through either extensive charitable activities or perhaps even as an ex-chairman of the Stock Exchange. He or she would have an unparalleled and consistent track record stretching back decades, which could be used to validate a repeatable winning investment strategy. Has anybody ever fit that description? Yes. Bernard Lawrence Madoff.   Standing out There is of c...