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Interviewers ask this kind of question to surface how you think, not what you remember. The strongest answers are specific, calmly told, and end on what changed.

Case interview · Hypothesis Driven analysis

A multi-asset fund has trailed its benchmark three years running. The board wants to know whether it's bad luck, bad process, or the wrong benchmark. Structure the diagnostic.

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I'd decompose the underperformance before assigning blame, because the three explanations have different signatures.

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Concepts behind this questionProfitability trees and MECE decomposition

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