Читать книгу Active Investing in the Age of Disruption - Evan L. Jones - Страница 14

The challenges created by the confluence of global central bank intervention and the accelerating pace of technology have created a negative self-reinforcing cycle for active managers The investment decision process and the core tenets of outperformance are challenged, which hurts investment returns. Poor returns drive money flows out of actively managed funds and into passive alternatives. These negative fund flows create more pressure on active investment managers to perform, which drives short-term decision making. Of course, short-term focus and chasing returns leads to more poor performance and more flows into passive alternatives. Once started, this is a tough cycle to stop.