Bl’s David Cohne on Lessons From Active Managers

Evaluating active managers requires more than looking at past performance. After two years of conversations with portfolio managers on Inside Active, host David Cohne, mutual-fund and active-management analyst at Bloomberg Intelligence, steps back to examine what those discussions have taught him about identifying investment skill. He explores why sell discipline can reveal more about a process than the reasons for buying a stock, how factor exposure and market environments can complicate judgments about manager skill, and why common assumptions about fund size don’t always hold up in the…