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Introducing our new portfolio review service for professionals
The vast majority of pensions funds, charities, endowments and other institutional portfolios have underperformed the market for decades. The way to stop the rot is to have an independent portfolio review, reduce fees and complexity, and increase diversification. From today, that’s precisely what TEBI is offering. As anyone who’s read The...
Positive skew & the near impossibility of consistent alpha
Positive skew. If you read nothing else today, read this. It’s an article by Oliver Renick for Bloomberg Markets on positive skew, which might just be the single biggest reason why only around 1% of active fund managers consistently beat the market over...
Fund managers’ costs don’t rise with the market — but their fees do
Whichever asset manager it was who first decided that they would set their fees as a percentage of assets under management knew what they were doing. Think about it for a moment. First, as the economy grows, so does prosperity and the...
Podcast Episode 14: An interview with Barry Ritholtz
On this week’s podcast we speak to Barry Ritholtz, co-founder and CIO of Ritholtz Wealth Management. Barry is a tireless blogger and advocate for evidence-based investing. It was his team that put on last year’s inaugural EBI conference in New York. Following...
2016 — UK fund managers’ annus horribilis
Two years ago a senior executive at a well-known UK fund retailer requested a telephone conversation with me. His problem, as I suspected it might be, was that I didn’t write in the same glowing terms about UK fund managers as most...
Tweet of the day — active management arithmetic
Active managers are well and truly feeling the force of the disruption taking place in asset management. Here in the UK, two of our biggest stockpicking firms, Standard Life and Aberdeen, are merging. In the US, Legg Mason yesterday become only the...
Podcast Episode 13: EBI in the Netherlands
We all know by now about the huge shift taking place from active to passive management in the Anglo-Saxon world, especially the US. But what’s happening in continental Europe? Well, it’s actually in the Netherlands where the move away from active funds is...
