Joel Tillinghast on Fidelity Investments
Masters in Business
00:00
Value in Active Bond Management
Active equity management tends to underperform the index, while active bond managers tend to outperform the index by eliminating poor holdings, bad risk-reward relationships, and adding value through subtraction. This approach raises the question of whether the speaker's alpha primarily comes from identifying winners or from eliminating the worst potential members of the bank.
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