Value Investing with Legends Eddie Perkin - Battling Biases and Building Better Investment Teams
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Jul 10, 2026 
Eddie Perkin, former CIO with decades leading equity teams at Eaton Vance and Goldman Sachs and author of Running Against the Herd, reflects on battling behavioral biases and building high-performing investment teams. He discusses quality-value investing, combating confirmation and outcome bias, exercises to encourage long-term thinking, leadership techniques for constructive conflict, and how AI and process can improve decisions.
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Indexing Doesn't Necessarily Break Price Discovery
- Eddie doubts passive inflows meaningfully harm market efficiency; a small active community can sustain approximate efficiency by exploiting available inefficiencies.
- He cites Grossman and Stiglitz and the 'lead steers' metaphor: indexers free-ride on active managers.
Write Next Year's Headline To Kill Short-Term Noise
- Use the Time-Traveling Reporter: write next year's headline to escape current noise and identify which short-term stories won't matter.
- This reframing helps ignore high-frequency trading noise and focus on durable outcomes.
Crisis Gave Permission To Restructure The Team
- When Eddie took over European equities in April 2008, the financial crisis allowed him to redeploy staff and make necessary changes despite initial mandates to avoid rocking the boat.
- The crisis context enabled personnel moves like consolidating three financials analysts into other sectors.
