A Dead German Philosopher and Liquid Alts
If thick German philosophy is your thing, then here is a thought for you: the history of the investment management industry is moving on a course satisfactorily expressed in the terms of Hegel’s dialectic.
Pick a Side: Investment Freedom, Flows and Fees
We applied our proprietary Degree of Investment Freedom framework to a broad category of fixed income funds and found a remarkably strong relationship between the direction and levels of flows and fees with the level of freedom employed by managers. At the extremes, active and passive funds have both been flow winners. The real challenge is avoiding getting stuck in the middle.