… and the winners may be…

Owning the largest stocks has historically been a recipe for underperformance over every period, according to value house Pzena, but the madness of benchmark construction means some investors have few choices but to.

The passive giant’s former super boss has found a new home at Bell Asset Management, and comes into the increasingly tough business of active management with his “eyes wide open”.

A hurricane doesn’t cause a financial crisis, and a financial crisis doesn’t cause a hurricane – so investors are increasingly eyeing the lucrative and uncorrelated returns of the cat bond market.