Explore every episode of the podcast Inside Active by Bloomberg Intelligence

Growth investing is often associated with companies delivering rapid revenue and earnings growth, but the potential for capital appreciation can extend well beyond traditional growth stocks. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, speaks with Alan Wilson, portfolio manager at Capital Group and principal investment officer of the Capital Group Growth ETF (CGGR), about how he defines and identifies growth. They discuss why valuation still matters, how Wilson looks several years ahead to uncover potential investments and why changing competitive advantages can make durable growth difficult to identify. They also explore how Capital Group’s multi-manager system shapes portfolio construction and conviction, why some of the most compelling growth prospects can emerge in unexpected parts of the market and how physical infrastructure constraints could create the next set of “coiled springs.” Recorded Sept. 16.

See omnystudio.com/listener for privacy information.

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.

See omnystudio.com/listener for privacy information.

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.

See omnystudio.com/listener for privacy information.

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.

See omnystudio.com/listener for privacy information.

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.

See omnystudio.com/listener for privacy information.

As investors increasingly focus on managing risk, generating income and achieving specific portfolio outcomes, the definition of successful active management is expanding beyond simply outperforming a benchmark. In this episode of the Inside Active podcast, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, speaks with Bryon Lake, global co-head of third-party wealth and chief transformation officer at Goldman Sachs Asset Management, and Graham Day, partner and chief investment officer at Innovator from Goldman Sachs Asset Management, about how that shift is reshaping active strategies. They explore the growth of active and defined-outcome ETFs, why the traditional active-versus-passive debate may be giving way to a more solutions-oriented approach, and how derivatives can help investors customize risk, income and downside protection. They also discuss the importance of advisor education as product innovation accelerates, the role of technology and data in active management, and why fixed income could be the next major area of ETF innovation. Recorded Aug. 4.

See omnystudio.com/listener for privacy information.

Value investing often means looking past near-term problems to determine whether a company is temporarily impaired or permanently damaged. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, speaks with Amit Wadhwaney, co-founding partner of Moerus Capital Management and portfolio manager of the Moerus Worldwide Value Fund (MOWIX), about an asset-based approach to global deep-value investing. They discuss why Wadhwaney focuses on conservatively estimated asset values, balance-sheet strength and survivability rather than projected earnings, and how he distinguishes temporary adversity from permanent impairment. They explore how market dislocations across companies, industries and countries create opportunities, why being macro-aware differs from making macroeconomic forecasts, and how overlooked assets can drive returns. The conversation also examines why risk should be understood as permanent loss of business value rather than short-term market volatility. Recorded Aug. 4.

See omnystudio.com/listener for privacy information.

Selecting active managers has always been one of investing’s greatest challenges, in part because strong performance doesn’t always reflect repeatable skill. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, speaks with Michael Ervolini, author of “Skill Versus Luck,” about why investors should rethink how they evaluate active managers. They discuss the limitations of traditional performance metrics, how decision-based analytics can help separate skill from luck, and why analyzing buying, selling and position-sizing decisions may offer deeper insight into manager ability. They also explore the role of investment process, behavioral biases, AI and whether better skill measurement can improve manager selection and alter the balance between active and passive investing. Recorded July 16.

See omnystudio.com/listener for privacy information.

Investing often comes down to making forecasts about an uncertain future, but some businesses are inherently more predictable than others. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, speaks with Joseph Shaposhnik, portfolio manager of the Rainwater Equity ETF (RW), about his philosophy of investing exclusively in businesses with durable, recurring-revenue models. They discuss why predictability can be a competitive advantage, how free cash flow and disciplined capital allocation drive long-term value creation, and what separates exceptional management teams from the rest. They also explore how Shaposhnik identifies recurring-revenue businesses across industries, why avoiding negative surprises is as important as finding winners, and where he sees opportunities as investors continue to concentrate capital in AI-related companies. Recorded July 16.

See omnystudio.com/listener for privacy information.

Active ETFs have become one of the fastest-growing segments of the investment industry, but their evolution in Asia Pacific is unfolding very differently than in the US. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, speaks with Rebecca Sin, a senior ETF analyst at BI, and Philippe El-Asmar, APAC head of ETFs at JPMorgan Asset Management, about what’s driving adoption across the region. They discuss why Taiwan has emerged as one of the industry’s biggest growth stories, how investor demand differs across markets and why regulations, distribution models and local preferences are shaping the active-ETF landscape. They also explore how institutions and retail investors are using active ETFs, the misconceptions that continue to slow adoption and what could define the next phase of growth across Asia-Pacific. Recorded July 13.

See omnystudio.com/listener for privacy information.

As companies remain private longer, investors increasingly need new ways to access growth that once occurred in the public markets. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, speaks with Kevin Moss, managing director at Liberty Street Funds and portfolio manager of the Private Shares Fund (PRIVX), about how active managers research, value and manage portfolios of late-stage private companies. They discuss the role of governance and management quality in investment decisions, how disciplined valuation frameworks help separate compelling investments from compelling stories, and why diversification, position sizing and liquidity planning are critical in private markets. They also explore the evolution of secondary markets, the growing push to expand retail access to private investments and the trends shaping the next generation of private-company investing. Recorded July 8.

See omnystudio.com/listener for privacy information.

As option-based income ETFs move deeper into adviser portfolios, product design and implementation are becoming just as important as the income they seek to deliver. In this episode of the Inside Active podcast, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, speaks with Wes Mathews, senior managing director and head of investment strategy at NEOS Investments, about how the category has evolved from early covered-call strategies into more dynamic, tax-aware approaches. They discuss why investors have turned to options-based ETFs as an alternative source of income, how NEOS seeks to balance monthly distributions with equity participation, and why flexibility around option coverage, strike selection and volatility can matter across different market environments. They also explore the role of tax-loss harvesting and index options in after-tax outcomes, how advisers are using these funds across equities, fixed income and alternatives, and where options-based ETF strategies may expand next. Recorded June 23.

See omnystudio.com/listener for privacy information.

Option-income ETFs have become one of the fastest-growing segments of the ETF market, but headline yields often obscure meaningful differences in portfolio construction, risk profile and objectives. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, speaks with John Burrello, senior portfolio manager for Invesco’s Global Strategies team, including the Invesco QQQ Income Advantage (QQA), about how investors should evaluate these funds beyond their headline yields. They discuss the trade-offs between income generation, equity participation and downside protection, why total return may matter more than distribution rate alone and how volatility can affect option-overlay strategies. They also explore the differences between systematic and passive approaches, the risks of chasing unusually high yields and why advisers may view these products more as equity replacements or complements than fixed-income substitutes. Recorded June 11.

See omnystudio.com/listener for privacy information.

The rapid growth of active ETFs is pushing traditional and boutique managers to adapt mutual-fund strategies into ETF wrappers without compromising their investment identity. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, speaks with Matt Caumso, Head of ETF Solutions at Baron Capital about how boutique active managers can translate established mutual-fund strategies into the ETF wrapper. They discuss why Baron entered the ETF market, how mutual fund conversions can give active managers scale and continuity, and what liquidity, capacity and transparency mean for long-term, high-conviction strategies. They also explore the operational demands of launching ETFs, the importance of dedicated capital markets expertise, and how active ETFs can complement passive-heavy portfolios. 

See omnystudio.com/listener for privacy information.

Growth investing has faced no shortage of challenges over the past decade, from shifting interest-rate regimes and benchmark concentration, to the rise of AI and unprecedented flows into passive strategies. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, speaks with Doug Rogers, managing director at Morgan Stanley and portfolio manager on funds including the Eaton Vance Growth Fund (ELCIX) and Eaton Vance Focused Growth Opportunities Fund (EIFGX) about what it takes to generate alpha as an active growth investor in today’s market. They discuss why Rogers focuses on companies capable of delivering consistent, sustainable growth, how his team identifies innovation-driven inflection points, and the role rigorous debate plays in building conviction and challenging investment assumptions. They also explore valuation discipline, risk management, the impact of passive investing on markets, and why separating signal from noise has become increasingly important for long-term investors. 

See omnystudio.com/listener for privacy information.

Over the past decade, passive investing has reshaped much of the investment landscape, but fixed income presents a different set of challenges and opportunities. In this episode of Inside Active, host David Cohne, mutual fund and active-management analyst at Bloomberg Intelligence, spoke with Noah Wise, senior portfolio manager and head of global macro strategy for the Plus Fixed Income team at Allspring Global Investments about why active management may have a stronger case in bonds than in equities. They discuss how bond indexes are constructed, why passive investors can become increasingly exposed to the largest borrower and interest-rate risks and how the complexity of fixed-income markets creates opportunities for active managers. They also explore the role of central banks and other noneconomic buyers in shaping bond prices, and the importance of flexibility across duration, sectors and geographies. Recorded May 26.

See omnystudio.com/listener for privacy information.

Europe and Japan’s earnings outlooks have improved, with double-digit growth expectations, though upgrades are concentrated in technology and energy, while inflation pressures could weigh on valuations. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, and co-host Laurent Douillet, senior equity strategist at BI, speak with Tom Coutts and Lawrence Burns, portfolio managers at Baillie Gifford, and subadvisers on the Vanguard International Growth Fund (VWIGX). They discuss why investors should still look beyond the US for long-term growth opportunities and how Baillie Gifford identifies durable growth companies. The conversation also explores international beneficiaries of the AI boom, why Japan is becoming more attractive, and how to balance valuation discipline with backing exceptional businesses over the long run. Recorded May 21.

See omnystudio.com/listener for privacy information.

As investors gain access to an expanding universe of active strategies and investment structures, distinguishing durable investment skill from short-term performance has become increasingly important. In this episode of Inside Active, host David Cohne, mutual fund and active-management analyst at Bloomberg Intelligence, speaks with Paul Cavazos, chief investment officer at American Beacon Advisors, about what separates durable investment managers from those benefiting from favorable market environments. They discuss why philosophy, process and people matter more than recent returns, how quantitative and qualitative analysis complement each other in manager research, and why discipline and consistency often matter most during difficult market periods. The conversation also explores concentration risk, style drift, private markets and how manager oversight can help identify when an investment process begins to break down. Recorded May 21.

See omnystudio.com/listener for privacy information.

Shifting geopolitical risks, growing AI-driven power demand and consolidation across global energy markets are reshaping investment opportunities in oil, natural gas and real assets. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, and Vincent Piazza, senior energy analyst at BI, speak with Will Thomson, founder and managing partner of Massif Capital LLC. They discuss investing across energy, mining and other liquid real assets, and why commodity-producing companies are often misunderstood as simple bets on commodity prices. The conversation also explores how Thomson combines bottom-up company research with macro views on commodities and geopolitics, and why management teams, project execution and overlooked “orphan periods” can create opportunities for active managers, as well as structural natural gas trends and the challenge of managing volatility in cyclical sectors. Recorded May 5.

See omnystudio.com/listener for privacy information.

Over the past decade, expanded market access through ETFs and new structures has raised questions about capacity, outcomes and what it means for active management. In this episode of the Inside Active podcast, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, speaks with Anna Paglia, executive vice president and chief business officer for State Street Investment Management, about how the industry is moving beyond the traditional active-versus-passive debate as ETFs evolve into a vehicle for both. They explore how strong benchmarks and investor focus on returns are raising the bar for active managers, and how capacity and liquidity shape decisions around product structure. They also discuss the role of model portfolios in driving flows and the potential to expand access to private markets by improving transparency and liquidity. Recorded May 4.

See omnystudio.com/listener for privacy information.

Markets have recently been driven by a narrow set of AI-linked winners, but as these trends become widely recognized, the challenge is identifying what opportunities remain and what is already priced in. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, speaks with Dr. Ankur Crawford, executive vice president and portfolio manager at Alger, including the Alger Focus Equity Fund (ALGRX) and Alger Concentrated Equity ETF (CNEQ), about how she identifies positive dynamic change across both disruptive growth companies and businesses undergoing reinvention. They explore how a longer-term investment horizon helps distinguish durable growth from hype, the role of deep research and pricing power in building conviction and how valuation shapes opportunities in AI. They also discuss concentrated portfolio construction, risk management and what differentiates being early from being wrong. Recorded April 21.

See omnystudio.com/listener for privacy information.

Over the past decade, passive investing has dominated flows and performance, but the rapid growth of ETFs and evolving market dynamics are blurring the line between active and passive. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, speaks with Phil McInnis, chief investment strategist at Avantis Investors, about how investors should think about this shift. They explore why active and passive exist more on a spectrum rather than as binary opposites, how systematic, valuation-driven approaches aim to deliver consistent excess returns, and why costs and implementation remain critical to long-term outcomes. They also discuss the rise of active ETFs, how allocators build portfolios across strategies, and what would signal a durable shift back toward active management. Recorded April 15.

See omnystudio.com/listener for privacy information.

Despite geopolitical tensions, value has held up better than expected, while defensive strategies like low volatility and quality have failed to attract the typical safe-haven flows, suggesting markets are largely looking past the Iran war. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, and co-host Christopher Cain, US quantitative strategist at BI, speak with Jeff Shen, co-chief investment officer and co-head of BlackRock’s Systematic Active Equities. They discuss the evolution of systematic active equity and how advances in data, AI and machine learning are reshaping alpha generation. The conversation also explores factor timing, expansion beyond traditional factors into alternative data and new signals, and how portfolio construction and risk management are driving more consistent and differentiated outcomes. Recorded March 31.

See omnystudio.com/listener for privacy information.

Over the past decade, technology investing has been dominated by a handful of mega-cap companies, but AI is opening the door to a broader and potentially very different set of future winners. In this episode of Inside Active, host David Cohne, mutual fund and active-management analyst at Bloomberg Intelligence, speaks with Dominic Rizzo, portfolio manager of the T. Rowe Price Global Technology Equity Fund (PRGTX) and the T. Rowe Price Technology ETF (TTEQ), about his investment framework. They explore how Rizzo identifies linchpin technologies and improving fundamentals, and why active managers may be better positioned than passive strategies to uncover the next generation of tech winners. The conversation also covers valuation, portfolio concentration, AI’s effect on productivity and growth, and how private companies like OpenAI and Anthropic fit into the opportunity set. This episode was recorded March 30.

See omnystudio.com/listener for privacy information.

As value investing has lagged behind in a market led by a narrow group of large-cap growth stocks, insider buying has remained a closely watched signal, particularly during periods of volatility. In this episode of the Inside Active podcast, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, spoke with John Spears and Jay Hill, managing directors with Tweedy, Browne and portfolio managers for the Insider + Value ETF (COPY) and International Insider + Value ETF (ICPY) about combining those ideas into a systematic investment approach. They discuss how they define value today, why insider buying can be a powerful signal, how they separate meaningful trades from noise and how they build portfolios designed to capture the strategy’s long-term results. This episode was recorded on March 24.

See omnystudio.com/listener for privacy information.

Active fixed-income ETFs are entering a new phase of growth, driven by investor demand, structural advantages and expanding product breadth. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, speaks with Jeff Johnson, head of Fixed Income Product at Vanguard, about the rapid rise of active bond ETFs and why fixed income remains a compelling space for active management. They discuss Vanguard’s expansion beyond its indexing roots, the appeal of ETFs for flexibility, liquidity and cost efficiency, and the key design challenges of active strategies in an ETF wrapper, including daily portfolio disclosure and scalability. The conversation also explores where flows are moving across short duration, core and higher-yielding strategies. Recorded March 19.

See omnystudio.com/listener for privacy information.

Active ETFs may be in a golden age, not just a hot streak, driven by product innovation, lower structural frictions, conversions and potential ETF share classes. In this episode of the Inside Active podcast, host David Cohne, a mutual fund and active management analyst at Bloomberg Intelligence, along with co-host Athanasios Psarofagis, an ETF analyst at BI, speak with Todd Sohn, chief ETF strategist at Strategas Securities. They discuss the current state of the active ETF market, including the breadth of flows across asset classes, the rise of outcome-oriented products and whether crowded areas like buffers and certain derivative-based strategies have become overhyped. They also examine which products helped redefine the category, where active ETFs are taking share and underappreciated areas of future growth such as small-cap, fixed income and alternatives. This episode was recorded on March 16.

See omnystudio.com/listener for privacy information.

Rating agencies have been broadly positive, but their outlook is turning more cautious — especially in high yield — as geopolitical risks rise and spreads remain tight. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, along with co-host Sam Geier, corporate credit strategist at Bloomberg Intelligence, speak with David Sherman, founder and chief investment officer of CrossingBridge Advisors and a portfolio manager of the RiverPark Strategic Income Fund (RSIIX). Sherman explains why protecting return of capital matters more than chasing return on capital, how he applies a value-investing discipline to credit markets and where he’s finding opportunity in an expensive environment, including in the Nordic bond market. The conversation also explores the K-shaped divide in corporate credit fundamentals, the evolving distressed landscape and why liquidity premiums may be the most underappreciated risk in fixed income today. The podcast was recorded on March 3.

See omnystudio.com/listener for privacy information.

In a market shaped by index concentration and short-term performance pressures, contrarian strategies are leaning into opportunities others may not have the patience or liquidity to own. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, speaks with Murray Stahl, CEO, CIO and co-founder of Horizon Kinetics and a portfolio manager for the Paradigm Fund (WWNPX). They discuss the firm’s long-horizon contrarian philosophy, grounded in Stahl’s view that investors optimize for one-year grading periods, and its concept of an equity yield curve to explain why long-duration opportunities can be overlooked. The conversation also covers the fund’s willingness to let winners compound rather than trim positions, the tax considerations behind concentration, Stahl’s framework for Bitcoin exposure and why he views private investments as a natural extension of the strategy in an era of index dominance. The podcast was recorded on Feb. 18.

See omnystudio.com/listener for privacy information.

Active ETFs, especially in fixed income, are surging as 10,000 Americans retire each day and demand grows for predictable, outcome-oriented income solutions for the trillions of dollars held in retirement accounts. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, speaks with Dave Abner, head of global ETFs and funds at Northern Trust Asset Management. They discuss Northern Trust’s distributing ladder ETFs and the evolving opportunity set in municipal bond ETFs, while also examining why active ETFs are hitting a “hockey stick” growth moment. The conversation explores how automation and market-structure shifts may be reshaping traditional alpha opportunities in fixed income and what that means for risk-taking and portfolio construction. The podcast was recorded on Feb. 26.

See omnystudio.com/listener for privacy information.

The US remains central to AI leadership, but investors should expect broader, more global opportunities to emerge in 2026. In this episode of the Inside Active podcast, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, and co-host Breanne Dougherty, BI’s head of thematic strategy, speak with Sarbjit Nahal, a portfolio manager and analyst with the Global Thematic Equity team at Lazard Asset Management, which manages the Lazard Equity Megatrends ETF (THMZ). They discuss the role of thematic investing in capturing future wealth, how Lazard identifies megatrends, why megatrend investing is critical for navigating structural shifts and the importance of valuation discipline. The conversation also explores the growing significance of power and infrastructure in the age of AI, as well as rising interest in thematic investing among institutional investors and younger generations. The podcast was recorded on Feb. 9.

See omnystudio.com/listener for privacy information.

True passive investing may not exist, as all investing ultimately involves active decisions. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, along with co-host James Seyffart, senior ETF analyst at BI, spoke with Michael Green, portfolio manager and chief strategist at Simplify Asset Management, about the implications of passive investing’s dominance and the challenges facing active managers. They discuss how large index-tracking product flows may be reducing market elasticity, distorting price discovery and contributing to systemic risks. The conversation also explores whether active strategies can adapt and find opportunities in an increasingly index-driven market. The podcast was recorded on Feb. 10.

See omnystudio.com/listener for privacy information.

Bloomberg’s Market Pulse gauge hit an official manic condition at the end of January, where defensive sectors tend to outperform cyclicals and small caps often lag large caps. In this episode of the Inside Active podcast, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, and co-host Michael Casper, BI’s senior US equity strategist, speak with Christopher Tessin, a founder and managing partner of Acuitas Investments and lead portfolio manager for the Acuitas US Microcap Fund (AFMCX), about the firm’s multimanager approach to micro-cap investing. They discuss why the most critical factor in evaluating managers is idea-generation skill, not historical returns alone and why the greatest inefficiencies and alpha opportunities exist at the smallest end of the market-cap spectrum. The conversation also explores why quality matters more in micro caps and why Tessin is bullish on small and micro caps after a long period of underperformance. The podcast was recorded on Feb. 5.

See omnystudio.com/listener for privacy information.

Actively managed municipal bond funds continue to attract strong investor interest, with active mutual funds taking in over $24 billion and active muni ETFs seeing over $22 billion in net flows last year. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, speaks with Alex Petrone, head of fixed income and of distribution for the Americas at Rockefeller Capital Management, about the advantages of active management in the municipal bond market. They discuss why the steep municipal yield curve presents compelling investment opportunities, how active managers can exploit inefficiencies in a highly fragment market and why municipal bonds have historically shown resilience during economic downturns. The conversation also explores how technology is reshaping municipal credit research and portfolio construction. The podcast was recorded on Jan. 27.

See omnystudio.com/listener for privacy information.

For JPMorgan’s income managers, discipline means delivering predictable outcomes through rigorous risk management rather than chasing headline yield. In this episode of Inside Active, host David Cohne, a mutual fund and active management analyst at Bloomberg Intelligence, and co-host Eric Balchunas, senior ETF analyst at BI, speak with Hamilton Reiner, managing director and CIO of the US Core Equity Team, and James McNerny, managing director and portfolio manager within the Global Liquidity business. They discuss the growing appeal of equity income strategies like the JPMorgan Equity Premium Income ETF (JEPI), why the fund is designed around predictable outcomes rather than maximizing yield and how index-level options allow JPMorgan to generate income without sacrificing stock selection. The conversation also explores why the JPMorgan Ultra-Short Income ETF (JPST) is positioned as a deliberate step beyond cash, how the team prioritizes liquidity and capital preservation and why tight controls on credit and spread risk matter in volatile markets. The podcast was recorded on Jan. 13.

See omnystudio.com/listener for privacy information.

Actively managed ETFs took in nearly $500 billion in 2025, indicating growing confidence in active strategies in the ETF wrapper. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, and co-host Athanasios Psarofagis, a BI ETF analyst, speak with Todd Rosenbluth, head of research at TMX VettaFi, about the growth of active ETFs, the impact of market conditions, the role of brand and the challenges of overcrowding in the space. They also discussed the implications of share-class conversions, how advisers are using active ETFs, what will determine the success of new products and why some active strategies are better left in mutual funds. The podcast was recorded on Jan. 7.

See omnystudio.com/listener for privacy information.

US value stocks have quietly regained momentum and remain deeply discounted relative to growth, a valuation backdrop that has historically supported strong forward performance. In this episode of Inside Active, host David Cohne, mutual fund and active-management analyst at Bloomberg Intelligence, and co-host Christopher Cain, BI’s US quantitative strategist, speak with Meb Faber, co-founder, chief executive officer and chief investment officer of Cambria Investment Management, and a portfolio manager of the Cambria Global Value ETF (GVAL). The discussion explores why GVAL was designed to address a shortcoming in market-cap weighting, why Faber’s process begins with country-level valuations, and how composite valuation metrics can help reduce model risk. They also examine the role of investor psychology in shaping market behavior and why historical market patterns remain a us

See omnystudio.com/listener for privacy information.

Earnings in 3Q beat expectations, but momentum is fading, suggesting a high earnings bar for 2026 and potentially more market volatility. In this episode of the Inside Active podcast, host David Cohne, mutual fund and active management analyst with Bloomberg Intelligence, and co-host Michael Casper, BI’s senior US equity strategist, speak with Justin White, portfolio manager of the T. Rowe Price All-Cap Opportunities Fund (PRWAX). They discuss White’s four-pillar investment process and how pattern recognition helps him identify durable growth or unrealistic expectations. They also explore what part of the market is overestimating long-term monopoly profits, where high valuations have become unattractive due to poor risk-reward and which areas could offer long-term outperformance through 2030. The podcast was recorded on Dec. 4.

See omnystudio.com/listener for privacy information.

Earnings season was strong, with profits doubling forecasts and solid margins driving the bull market despite higher volatility. In this episode of Inside Active, host David Cohne, mutual fund and active-management analyst with Bloomberg Intelligence, along with co-host Christopher Cain, US quantitative strategist at BI, speak with Jerry Parker, founder and chairman of Chesapeake Capital and portfolio manager on funds including the Blueprint Chesapeake Multi-Asset Trend ETF (TFPN). They explore his “trend-following-plus-nothing” philosophy, which adheres to pure, uncompromised trend following without added strategies or smoothing. They also discussed why diversification is paramount, why stocks belong in commodity-trading-adviser portfolios and how the original turtle experiment could be adapted for today’s generation of traders. The podcast was recorded on Nov. 11.

See omnystudio.com/listener for privacy information.

A potential shift in US monetary policy toward fiscal dominance — where government financing influences rates more than inflation control — could change the risk-return trade-off for CLO investors. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst with Bloomberg Intelligence, along with co-host Reto Bachmann, BI’s chief structured finance strategist, spoke with Bill Sokol, director of product management at VanEck and Fran Rodilosso, head of fixed income ETF portfolio management and a portfolio manager on the VanEck CLO ETF (CLOI) and VanEck CLO AA-BB CLO ETF (CLOB), about why active management is essential when it comes to manager selection and loan-level analysis and how effective ETF management mitigates liquidity risk through diversified exposure across tranches. They also discussed why relative value remains attractive as CLO tranches yield more than corporates and other asset-backed securities. 
This podcast was recorded on Nov. 4. 

See omnystudio.com/listener for privacy information.

AI’s next competitive edge is increasingly tied to vertical integration, connecting digital capacity with physical infrastructure. In this episode of the Inside Active podcast, host David Cohne, mutual fund and active management analyst with Bloomberg Intelligence, and co-host Breanne Dougherty, BI’s head of thematic strategy, speak with Eli Horton, managing director of equities at TCW and senior portfolio manager for the TCW Transform Systems ETF (PWRD). Horton discusses why he rejects traditional sector-based investing, arguing instead for a systems-based approach, which views the economy as interconnected systems. They also discuss why changing legacy industries is crucial for transformation, how bottlenecks in the power supply present investment opportunities and why he views decentralized energy systems as highly promising. The podcast was recorded on Oct. 14.

See omnystudio.com/listener for privacy information.

High-quality stocks, measured by profitability, are trading at historically elevated levels, among the strongest in 25 years. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst with Bloomberg Intelligence, and co-host Christopher Cain, US quantitative strategist at BI, speak with Sid Jain, deputy portfolio manager at GQG Partners, about the firm’s focus on durable earnings and forward-looking quality, its US Select Quality Equity Fund (GQEPX) and why today’s market — particularly in tech — could prove worse than the dot-com bubble. They also discuss the team’s approach, which blends quant guardrails, investigative research and price-momentum awareness to avoid value traps. The podcast was recorded on Oct. 6.

See omnystudio.com/listener for privacy information.

Despite tariff-related concerns, corporate earnings, especially in the S&P 500, have been stronger than expected. In this episode of Inside Active, host David Cohne, mutual-fund and active management analyst with Bloomberg Intelligence, along with co-host Michael Casper, US Small Cap and Sector Strategist at Bloomberg Intelligence spoke with Michael Lippert, Vice President and Head of Technology Research at Baron Capital and a portfolio manager for the Baron Opportunity (BIOIX) and Baron Technology (BTECX) funds about the Baron Capital philosophy, which focuses on secular growth trends with durable, compounding potential and the firm’s preference for companies that can expand into multiple growth curves. They also discussed the transformative impact of AI across industries and why physical AI is a powerful but underappreciated theme. 

See omnystudio.com/listener for privacy information.

Emerging markets have had one of the strongest years since 2017, with currency appreciation a key driver of returns. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst with Bloomberg Intelligence, along with co-host Marvin Chen, BI’s senior Asia equity strategist spoke with Robert Marshall-Lee, founding partner and chief investment officer of Cusana Capital about its sword-and-shield framework, which seeks high-quality, founder-led compounders with structural growth and avoids value-destructive companies. They discussed why emerging-market indexes are full of weak companies, why tariffs are seen as short-term noise rather than structural impediments and where future opportunities could be strongest.

The podcast was recorded on Sept. 9.

See omnystudio.com/listener for privacy information.

Defined-outcome and options-overlay ETFs take in roughly $3 billion a month, reflecting rising investor demand. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst with Bloomberg Intelligence, and co-host James Seyffart, ETF analyst for Bloomberg Intelligence, spoke with Arnim Holzer, global macro strategist at Easterly EAB and a portfolio manager for the Easterly Hedged Equity strategy, about the investment philosophy behind the strategy, which focuses on asymmetric return patterns and minimizing drawdowns. They discussed how hedged-equity strategies serve as an alternative to traditional fixed income in portfolios, why the correlation between equities and fixed income has become unstable after the global financial crisis and how the strategy differs from traditional buffer ETFs. The podcast was recorded on Aug. 14.

See omnystudio.com/listener for privacy information.

The eurozone outlook may depend on an earnings rebound driven by ECB rate cuts and German fiscal stimulus. In this episode of the Inside Active podcast, host David Cohne, Bloomberg Intelligence’s mutual fund and active management analyst, and co-host Laurent Douillet, senior equity strategist at BI, spoke with Nathaniel Velarde, a partner of Chautauqua Capital Management and portfolio manager for the Baird Chautauqua International Growth Fund (CCWIX). Velarde outlines their long-term, high-conviction approach built around time arbitrage and the three key traits they seek in companies. He also discusses the team’s RVR framework for evaluating positions, why they maintain a thesis book and how non-US markets still offer fertile ground for stock pickers. The podcast was recorded Aug. 6.

See omnystudio.com/listener for privacy information.

Valuation expansion, not earnings growth, has driven most of the S&P 500’s gains since 2022. In this episode of Inside Active, hosts David Cohne, mutual fund and active management analyst with Bloomberg Intelligence, and BI’s Chief Equity Strategist Gina Martin Adams speak with David Giroux, chief investment officer of US equity at T. Rowe Price and a portfolio manager for the Capital Appreciation strategy. Giroux shares why internal rate of return projections guide his stock selection, the critical importance of avoiding companies with fatal flaws and how counter-cyclical actions historically boost performance. They also discuss private investments, bonds and why independent thinking is essential for long-term investment success. The podcast was recorded on July 21st.

See omnystudio.com/listener for privacy information.

In June, the equity risk premium was negative for the first time since the early 2000s, indicating that stocks appear expensive relative to bonds and could yield mixed returns going forward. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst with Bloomberg Intelligence, along with co-host Michael Casper, US small-cap and sector strategist at BI, spoke with Wellington’s Don Kilbride and Peter Fisher, sub-advisers to Vanguard Dividend Growth (VDIGX) and Vanguard International Dividend Growth (VIDGX), about the importance of sustainable dividend growth. They discussed why a commitment to dividends signals confidence in future cash flows and why high dividend yields can sometimes signal unsustainable dividends. The podcast was recorded on June 12.

See omnystudio.com/listener for privacy information.

With European earnings growth projected to be low in 2025, investors are focusing on a potential recovery in 2026. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst with Bloomberg Intelligence, along with co-host Laurent Douillet, senior equity strategist for BI, spoke with David Samra, founding partner of Artisan Partners’ International Value Group, about the similarities of value investing to two-for-one deals, with value investing providing both upside potential with downside protection. They also discussed the importance of intrinsic value, why strong balance sheets are crucial for investment safety and the inefficiencies present in non-US markets. The podcast was recorded on June 10.

See omnystudio.com/listener for privacy information.

Despite a recent rally, European equities may be overly complacent about trade-war risks. In this episode of Inside Active, host David Cohne, mutual-fund and active-management analyst with Bloomberg Intelligence, along with co-host Laurent Douillet, BI’s senior equity strategist, spoke with Danielle Menichella, portfolio manager and senior research analyst at Sands Capital and sub-adviser to the Touchstone Sands Capital International Growth Equity Fund. They discussed why the firm employs a business owner’s mindset to public equity investing, as well as the six investment criteria to select businesses. They also spoke about seeking a balance between high growth and mature businesses, determining relative valuations and which countries the team is currently seeing opportunities. Recorded on May 28.

See omnystudio.com/listener for privacy information.