Comments
Transcript
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RCMacro theme shall prevail so passive will be used for active management for quite a few years
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DHHe is overseeing that the ETF industry is innovating too. It’s not just active versus passive, the borders are blurring. Small boutiques are offering ‘active managed’ ETFs especially in the thematic space: ARK Invest (genomic revolution, disruptive innovation), Kraneshares (China-focus: ecommerce, digital health) or Motif (acquired by Goldmann), just to name a few. By the way, would love to hear more talks at RV how to generate alpha by thematic investing.
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CPGood site to see Active vs Passive performance. spindices.com/spiva/#/reports
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DSExcellent interview. Two brief comments. The exclusive passive cycle will be over when markets decline, and CBs cannot reverse the decline with liquidity. The CBs are currently taking the risk of passive investment. When the market drops 30% and stays down, passive will not look so good. Secondly, active manager firms need to and may already have passive management departments within the firm. It certainly is easy enough to do. The obvious synthesis to an outsider. They can run clients’ money both ways. I really like the portfolio construction that Mr. Hirst suggested looking at the percentage of gold, cash, passive and active assets in the portfolio. Mr. Robertson is smart with a wealth of knowledge and experience in these areas. A great guest for a deep dive into these issues. Thanks. DLS
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SRCould we please get a transcript
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dfPlease RV a transcript would be perfect and active :) thanks
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PKNeed more learning less opinions and discussions. thanks for the perspective though some charts or data would have been nice
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scFirstly: It's been so long since I've seen a normal interview with two people at normal distances without masks, I had forgotten what it used to look like. Secondly: I wish safety to both. Ah the good old days of normal conversation. Funny the simple little things we miss when we have been without them.
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scFirstly: It's been so long since I've seen a normal interview with two people at normal distances without masks, I had forgotten what it used to look like. Secondly: I wish safety to both. Ah the good old days of normal conversation. Funny the simple little things we miss when we have been without them.
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AIThe finest of Britain on the shelves: David Hockney, Martin Parr and Don McCullin. Nice one!
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PGLove the quality of this video!
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JLThe industry's dirty secret is that talent is scarce and the sums that need managing are huge. For every $100 million of talented manager capacity there is probably $100 billion worth of funds that need managing. That is just a guess but the ratio seems somwhere in that ballpark. The glut of capital relative to talent creates a marketing opportunity for mediocre managers and crappy Wall Street products. This means the allocators, who want talented managers, are basically looking for needles in a haystack, while trying to dodge sales pitches from managers who claim to be talented but aren't. I would wager this explains far more of the problem than investors being too short-term today. It takes real talent to do well; the talent is just in astonishingly short supply relative to a glut of capital, with the glut in part facilitated by ten years of QE and ZIRP.
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JPRoger - great comments and questions from you. Well done.
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RMAgree with his strategy of the barbell approach of using passive funds for some of your portfolio and looking for alpha with individual stocks. Hirst threw out 60% in passive, 10% in gold/bitcoin, and 20% in active management. Guess the other 10% would be cash. Not a bad weighing.
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TEDon’t subscribe to the “vs” narrative. Why does it have to be one or the other. Why can’t a smart investor portfolio include both passive and active managers?
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SKThe passive managers became too-big-to-fail, and there is no way they are giving up their market share to active in the near future. Even in downturns, they show better performance and lower volatility, which makes them an optimal choice for big investors. Probably only some huge systematic risk could break this leadership.
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PBGreat conversation! Thanks a lot!