It stands to reason that an investor who makes profitable (relative or absolute) decisions more than 50% of the time, and whose profitable decisions typically add more value than their unprofitable ones destroy, will outperform an investor who does not. Decision attribution analysis provides a crucial lens on equity manager skill, benefiting asset owners and fund buyers as they select and monitor managers. In addition, fund managers increasingly use such analysis to identify and overcome their own behavioural biases, producing better outcomes for investors....