Tuesday, November 18, 2014

Fw: [New post] 13F Watch: Active Management Looks Like a Contrarian’s Bet

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-----Original Message-----
From: mainandwall@gmail.com
Date: Tue, 18 Nov 2014 13:20:34
To: Bob Sefcik<bob@1mainandwall.com>
Reply-To: mainandwall@gmail.com
Subject: Fw: [New post] 13F Watch: Active Management Looks Like a Contrarian's Bet


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-----Original Message-----
From: Enterprising Investor <donotreply@wordpress.com>
Date: Mon, 17 Nov 2014 20:54:15
To: <mainandwall@gmail.com>
Subject: [New post] 13F Watch: Active Management Looks Like a Contrarian's Bet

Post : 13F Watch: Active Management Looks Like a Contrarian&rsquo;s Bet
URL : http://blogs.cfainstitute.org/investor/2014/11/17/13f-watch-active-management-looks-like-a-contrarians-bet/
Posted : November 17, 2014 at 3:53 pm
Author : David Larrabee, CFA
Tags : Barry Rosenstein, Bruce Berkowitz, Carl Icahn, Daniel Loeb, David Einhorn, David Tepper, Form 13F, Howard Marks, Jeremy Grantham, Nelson Peltz, Seth Klarman, Warren Buffett, William Ackman
Categories : Equity Investments, Portfolio Management, Standards, Ethics &amp; Regulations (SER)

It's been an annus horribilis for stock pickers. In the US, fewer than one in five active fund managers are beating the market this year, their worst showing in over a decade. As a result, active funds have been bleeding assets and passive products are seeing record inflows. The fortunes of active managers certainly weren't helped by Warren Buffett, who earlier this year advocated for passive investing. And more recently, Greenwich Associates founder Charley Ellis, CFA, argued that when it comes to active investing, the "party is over." Active managers counter that artificially low interest rates have increased correlations among stocks, and once we get past quantitative easing, the environment will once again favor stock pickers. At this point, active management looks like a contrarian's bet, which is why astute investors should not dismiss it.

Read more of this post ( http://blogs.cfainstitute.org/investor/2014/11/17/13f-watch-active-management-looks-like-a-contrarians-bet/ )

Add a comment to this post: http://blogs.cfainstitute.org/investor/2014/11/17/13f-watch-active-management-looks-like-a-contrarians-bet/#respond

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