An Active Manager Strikes Out

Bloomberg TV recently invited me on to their new show, Bloomberg GO, for a short debate with David Barse, CEO of Third Avenue Management, on active versus passive investing.

After stating that funds offered by Third Avenue, which have more than $8 billion in assets under management, had been able to beat their index benchmark, Barse admitted that alpha was hard to deliver because the competition is tough. But he also asserted that it’s what his firm wants to do, that it’s intellectually challenging and that Third Avenue works hard to do it.

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