Active Investing

“Well, I think this perception that exists that index equals passive is wrong today. It was maybe true 10 or 15 years ago, but the lines of our industry between index investing and passive and active are all blurring.”

“Being an active investor in the public market over 20 years has been a really bad business. We are fighting the machines, first of all, right? So Ken Griffin, Citadel, Renaissance, you know, all of these, you know, quants and algorithms, and that's number one.…”

“Without this prioritization and coordination and integration, the connectivity among them, I worry that the spaces in which we invest will become ever more standardized and commoditized and over time will have diminished risk adjusted returns as a reward for t…”

“And the secret to successful active investing is to have what's called, it's a little bit nasty term, but called willing losers or serial losers or repetitive losers or habitual losers.”