We are all active investors now

Larry Hatheway | GAM Investments | 13 May 2019

Investors have long debated whether their portfolios should be actively managed or passively track a market index. In 2019, this discussion is becoming a sideshow. Encouragingly, attention is shifting to what matters most - the active decisions about strategic asset allocation that largely determine subsequent investment returns. To paraphrase Milton Friedman in the 1960s, we are all active now.

True, passive global exchange-traded funds (E...