In this episode, we are joined by Jack Shannon, Senior Analyst at Morningstar, to discuss the dynamics of active equity management, portfolio construction, and the importance of downside protection in long-term investment success. Jack shares his insights on various topics, including:
Topics Discussed
• The asymmetry of returns and the importance of preserving capital on the downside
• The role of active equity managers and the challenges they face in deviating from benchmarks
• The impact of fund flows on portfolio management and the potential risks of passive investing
• The role of risk management in active investing and the difficulty of identifying winning strategies in advance
• The changing dynamics of growth and value investing, and the importance of understanding market history
This episode is a must-listen for anyone interested in active equity management, portfolio construction, and long-term investing. Jack's insights provide valuable strategies to navigate the complexities of the financial markets and better understand the nuances of active management.

00:00 Introduction to Asymmetric Returns and Capital Preservation
00:50 Guest Introduction: Jack Shannon from Morningstar
03:31 Understanding the Role of an Active Equity Manager
05:01 Exploring the Challenges of Active Management
06:01 The Role of Risk in Active Management
07:29 The Impact of Portfolio Turnover and Concentration
18:12 The Influence of Market Regimes on Manager Performance
28:10 The Role of Style Box in Manager Evaluation
36:07 Understanding the Regulatory Constraints on Active Funds
38:32 Introduction to Investment Management
38:50 The Future of Active Management
39:25 The Impact of Passive Flows on the Market
40:22 The Rise of Active ETFs
42:01 The Importance of Downside Protection
43:46 The Role of Risk Management in Investing
44:01 The Reality of Active Management
47:39 The Challenge of Predicting Market Trends
48:29 The Power of Low Volatility Stocks
54:37 The Impact of Market Memory on Investment Decisions
01:00:57 The Role of Boring, Low Turnover Investing
01:05:40 Conclusion and Final Thoughts

This is "ReSolve's Riffs" – published on YouTube every Friday afternoon to debate the most relevant investment topics of the day, hosted by Adam Butler, Mike Philbrick, and Rodrigo Gordillo of ReSolve Global* and Richard Laterman of ReSolve Asset Management Inc.
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