Sorting out which equity fund managers are skilled is arduous and expensive. Untold hours and huge budgets are expended each year in assessing manager skill across existing allocations as well as the vetting of potential new opportunities. Even more concerning, however, is that skill assessment is an extremely uncertain undertaking. Consequently, the risks inherent to fund assessment as it is currently conducted are likely underappreciated by the majority of decision-makers. Unwelcome results can include overconfidence and faulty allocation choices.