Most institutional investors evaluate active equity managers using Brinson-Fachler attribution or Fama-French factor models -- frameworks that explain performance after the fact but say little about the decisions that produced it.

Behavioral biases and cognitive depletion conspire to make exit decisions among the weakest areas of professional investor skill. The data -- and the habits of the world's best fund managers -- show there's a better way.

The question of whether quarterly earnings reporting promotes or undermines long-term value creation is back on the table. With U.S. policymakers once again considering a shift to semi-annual reporting, it’s worth asking: what would such a change really mean?

For active managers, the path ahead is narrower and more demanding, but those who can align with evolving investor needs and deliver tangible value will find that their relevance is not obsolete.