Markowitz Lecture Series 1: Active and Passive Investing – A Retrospective

In the first of a series of lectures honoring the work of Nobel Laureate Harry Markowitz, NYU Stern Professor of Finance Emeritus Martin Gruber summarizes a lifetime of research on active fund management. He presents his conclusions on whether fund managers have persistent skill and whether, after fees, fund investors benefit from that skill relative to passive investing. John Skjervem, Chief Investment Officer for the State of Oregon Pension System, gives a practitioner response.