Dimensional Co-CEO Gerard O'Reilly on the Future of Fund Management

Odd Lots

Bloomberg

News, Investing, Business, News Commentary, Business News

4.4 • 1.6K Ratings

🗓️ 2 November 2023

⏱️ 53 minutes

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Summary

Dimensional Fund Advisors is one of the fastest growing providers of mutual funds and ETFs. It was founded in the early 1980s, built upon University of Chicago research on efficient markets, passive investing, and other ideas that have since become extremely widespread. After having built up a huge following among financial advisors for their mutual funds, the company has been racing up the list of ETF providers. On this episode, we speak with Dimensional's co-CEO and chief investment officer Gerard O'Reilly on the firm's history, its approach to investing, and where he sees the fund management industry going.

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0:00.0	With Bloomberg, you get the story behind the story, the story behind the global birth rate,
0:04.9	behind your EV batteries' environmental impact, behind sand, yeah, sand.
0:09.8	You get context, and context changes everything.
0:12.7	Go to Bloomberg.com to get context.
0:15.3	Hello, and welcome to another episode of the Odd Lots podcast I'm Joe Weisenthal.
0:30.7	And I'm Tracy Alloway.
0:31.7	Tracy, I have a big, big confession to make up.
0:36.2	Uh-oh.
0:37.2	Is it going to actually, like, speak to everything that we do, okay?
0:40.5	You ready for it?
0:41.5	I'm, I'm bracing myself to it.
0:43.4	So I sort of ascribed to the general belief that, like, markets are, like, fairly efficient,
0:50.4	things are priced in, indexing, probably a pretty good strategy on the market portfolio,
0:56.4	things like that makes a lot of sense to me.
0:58.6	A lot of people seem to generally believe this is generally true.
1:02.2	So far, this is not a confession.
1:03.8	Okay.
1:04.8	But the confession is given that I don't really understand why the investment industry exists,
1:10.0	and why do some, why do people trade at all?
1:13.4	Why does anyone try to beat the market?
1:15.6	Why is active management a thing?
1:18.8	We all sort of accept these premises, and yet the investment industry continues to exist.
	...

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