A broad investment mandate gives active managers the freedom to search across markets but also requires discipline in deciding where capital belongs. In this episode of the Inside Active podcast, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, speaks with Tom Winmill, president and director of the Midas family of mutual funds and portfolio manager of the Midas Special Opportunities Fund (MISEX). They discuss why growing free cash flow and returns on capital are central to identifying quality businesses, how valuation changes with the margin for error and why Winmill prefers fundamentals over market narratives. They also explore portfolio concentration, letting winners compound, sell discipline, the impact of higher interest rates and why he is willing to wait for the economics of AI businesses to become clearer. Recorded September 2.

A broad investment mandate gives active managers the freedom to search across markets but also requires discipline in deciding where capital belongs. In this episode of the Inside Active podcast, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, speaks with Tom Winmill, president and director of the Midas family of mutual funds and portfolio manager of the Midas Special Opportunities Fund (MISEX). They discuss why growing free cash flow and returns on capital are central to identifying quality businesses, how valuation changes with the margin for error and why Winmill prefers fundamentals over market narratives. They also explore portfolio concentration, letting winners compound, sell discipline, the impact of higher interest rates and why he is willing to wait for the economics of AI businesses to become clearer. Recorded September 2.

Reports of active management's demise have been greatly exaggerated. Active continues to grow and evolve in ETFs while mutual funds prosper and define benefit plans. Bloomberg Intelligence strategy team uncover active opportunities and gleam insights from active managers and those who cover the industry.

Reports of active management's demise have been greatly exaggerated. Active continues to grow and evolve in ETFs while mutual funds prosper and define benefit plans. Bloomberg Intelligence strategy team uncover active opportunities and gleam insights from active managers and those who cover the industry.

Inside Active by Bloomberg Intelligence

Midas’ Winmill on Free Cash Flow Over Narratives

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/1dc99db3-3e6f-4c03-b9f2-b4bf0131c235/transcript

Choosing the right active manager can be just as important as choosing the right investment strategy, but past performance alone may reveal little about whether a manager’s success is repeatable. In this episode of the Inside Active podcast, host David Cohne, mutual fund and active management analyst with Bloomberg Intelligence, speaks with Tim Paulin, senior vice president of investments and practice consulting at Touchstone Investments, about how the firm identifies, evaluates and monitors outside investment managers. They discuss Touchstone’s version of the traditional four- or five-P framework, which looks at organizational stability, personnel, investment discipline, infrastructure and results, as well as how to separate investment skill from a favorable market environment. They also explore how portfolio holdings can reveal whether managers are staying true to their process, when underperformance should be tolerated, why investors often chase managers at the wrong time, and what the best active managers have in common over the long term. This edition was recorded on Sept. 9.

 

Choosing the right active manager can be just as important as choosing the right investment strategy, but past performance alone may reveal little about whether a manager&rsquo;s success is repeatable. In this episode of the Inside Active podcast, host David Cohne, mutual fund and active management analyst with Bloomberg Intelligence, speaks with Tim Paulin, senior vice president of investments and practice consulting at Touchstone Investments, about how the firm identifies, evaluates and monitors outside investment managers. They discuss Touchstone&rsquo;s version of the traditional four- or five-P framework, which looks at organizational stability, personnel, investment discipline, infrastructure and results, as well as how to separate investment skill from a favorable market environment. They also explore how portfolio holdings can reveal whether managers are staying true to their process, when underperformance should be tolerated, why investors often chase managers at the wrong time, and what the best active managers have in common over the long term. This edition was recorded on Sept. 9.
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Touchstone’s Paulin on Looking Beyond Performance

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/9ed637a2-fa51-4d6d-838c-b4c6016b98b5/transcript

Inflation investing is often associated with commodities and real assets, but benefiting from rising prices can depend as much on a company’s business model as the assets it owns. In this episode of Inside Active, host David Cohne, mutual-fund and active-management analyst at Bloomberg Intelligence, speaks with James Davolos, a portfolio manager of the Horizon Kinetics Inflation Beneficiaries ETF (INFL), about how he identifies businesses positioned to benefit from inflation. They discuss why capital-light business models can offer advantages in inflationary environments, how royalties and exchanges can provide exposure to rising nominal activity without the same operating and capital costs, and why commodity prices don’t necessarily need to rise for these businesses to compound. They also explore how Horizon Kinetics evaluates scarce assets, why the market may misprice businesses with lumpier cash flows, the importance of valuation and long-term terminal value, and how inflation-beneficiary equities can complement traditional portfolio allocations. 

Recorded August 25. Listen to this episode on Apple Podcasts and Spotify.

Inflation investing is often associated with commodities and real assets, but benefiting from rising prices can depend as much on a company&rsquo;s business model as the assets it owns. In this episode of Inside Active, host David Cohne, mutual-fund and active-management analyst at Bloomberg Intelligence, speaks with James Davolos, a portfolio manager of the Horizon Kinetics Inflation Beneficiaries ETF (INFL), about how he identifies businesses positioned to benefit from inflation. They discuss why capital-light business models can offer advantages in inflationary environments, how royalties and exchanges can provide exposure to rising nominal activity without the same operating and capital costs, and why commodity prices don&rsquo;t necessarily need to rise for these businesses to compound. They also explore how Horizon Kinetics evaluates scarce assets, why the market may misprice businesses with lumpier cash flows, the importance of valuation and long-term terminal value, and how inflation-beneficiary equities can complement traditional portfolio allocations.&nbsp;
Recorded August 25. Listen to this episode on Apple Podcasts and Spotify.

Horizon’s Davolos on True Inflation Beneficiaries

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/538ef8e9-7d90-432a-9a03-b4b900ab90a9/transcript

Europe’s active ETF market is expanding rapidly, but rising product launches don’t necessarily signal broad investor adoption. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, speaks with Henry Jim, ETF analyst at BI, about what’s driving the market’s growth and why its development is likely to differ from the US. They discuss how issuer-led launches and solutions-based strategies are shaping the category, why Europe’s fragmented distribution system and investment culture remain important hurdles, and how private banks and white-label providers could broaden adoption. They also explore why fixed income may be a natural fit for active ETFs, what JPMorgan has done to gain traction in Europe, how ETFs could eventually pressure traditional active-management fees and what would need to happen for active ETFs to capture a meaningfully larger share of the European market. Recorded Aug. 19.

 

Europe&rsquo;s active ETF market is expanding rapidly, but rising product launches don&rsquo;t necessarily signal broad investor adoption. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, speaks with Henry Jim, ETF analyst at BI, about what&rsquo;s driving the market&rsquo;s growth and why its development is likely to differ from the US. They discuss how issuer-led launches and solutions-based strategies are shaping the category, why Europe&rsquo;s fragmented distribution system and investment culture remain important hurdles, and how private banks and white-label providers could broaden adoption. They also explore why fixed income may be a natural fit for active ETFs, what JPMorgan has done to gain traction in Europe, how ETFs could eventually pressure traditional active-management fees and what would need to happen for active ETFs to capture a meaningfully larger share of the European market. Recorded Aug. 19.
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Bloomberg’s Jim on Europe’s Active ETF Outlook

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/23ea07ef-f13d-4828-be12-b4b100dbbe85/transcript

Midas’ Winmill on Free Cash Flow Over Narratives

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