For JPMorgan’s income managers, discipline means delivering predictable outcomes through rigorous risk management rather than chasing headline yield. In this episode of Inside Active, host David Cohne, a mutual fund and active management analyst at Bloomberg Intelligence, and co-host Eric Balchunas, senior ETF analyst at BI, speak with Hamilton Reiner, managing director and CIO of the US Core Equity Team, and James McNerny, managing director and portfolio manager within the Global Liquidity business. They discuss the growing appeal of equity income strategies like the JPMorgan Equity Premium Income ETF (JEPI), why the fund is designed around predictable outcomes rather than maximizing yield and how index-level options allow JPMorgan to generate income without sacrificing stock selection. The conversation also explores why the JPMorgan Ultra-Short Income ETF (JPST) is positioned as a deliberate step beyond cash, how the team prioritizes liquidity and capital preservation and why tight controls on credit and spread risk matter in volatile markets. The podcast was recorded on Jan. 13.

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Actively managed ETFs took in nearly $500 billion in 2025, indicating growing confidence in active strategies in the ETF wrapper. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, and co-host Athanasios Psarofagis, a BI ETF analyst, speak with Todd Rosenbluth, head of research at TMX VettaFi, about the growth of active ETFs, the impact of market conditions, the role of brand and the challenges of overcrowding in the space. They also discussed the implications of share-class conversions, how advisers are using active ETFs, what will determine the success of new products and why some active strategies are better left in mutual funds. The podcast was recorded on Jan. 7.

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US value stocks have quietly regained momentum and remain deeply discounted relative to growth, a valuation backdrop that has historically supported strong forward performance. In this episode of Inside Active, host David Cohne, mutual fund and active-management analyst at Bloomberg Intelligence, and co-host Christopher Cain, BI’s US quantitative strategist, speak with Meb Faber, co-founder, chief executive officer and chief investment officer of Cambria Investment Management, and a portfolio manager of the Cambria Global Value ETF (GVAL). The discussion explores why GVAL was designed to address a shortcoming in market-cap weighting, why Faber’s process begins with country-level valuations, and how composite valuation metrics can help reduce model risk. They also examine the role of investor psychology in shaping market behavior and why historical market patterns remain a us

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Earnings in 3Q beat expectations, but momentum is fading, suggesting a high earnings bar for 2026 and potentially more market volatility. In this episode of the Inside Active podcast, host David Cohne, mutual fund and active management analyst with Bloomberg Intelligence, and co-host Michael Casper, BI’s senior US equity strategist, speak with Justin White, portfolio manager of the T. Rowe Price All-Cap Opportunities Fund (PRWAX). They discuss White’s four-pillar investment process and how pattern recognition helps him identify durable growth or unrealistic expectations. They also explore what part of the market is overestimating long-term monopoly profits, where high valuations have become unattractive due to poor risk-reward and which areas could offer long-term outperformance through 2030. The podcast was recorded on Dec. 4.

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Earnings season was strong, with profits doubling forecasts and solid margins driving the bull market despite higher volatility. In this episode of Inside Active, host David Cohne, mutual fund and active-management analyst with Bloomberg Intelligence, along with co-host Christopher Cain, US quantitative strategist at BI, speak with Jerry Parker, founder and chairman of Chesapeake Capital and portfolio manager on funds including the Blueprint Chesapeake Multi-Asset Trend ETF (TFPN). They explore his “trend-following-plus-nothing” philosophy, which adheres to pure, uncompromised trend following without added strategies or smoothing. They also discussed why diversification is paramount, why stocks belong in commodity-trading-adviser portfolios and how the original turtle experiment could be adapted for today’s generation of traders. The podcast was recorded on Nov. 11.

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A potential shift in US monetary policy toward fiscal dominance — where government financing influences rates more than inflation control — could change the risk-return trade-off for CLO investors. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst with Bloomberg Intelligence, along with co-host Reto Bachmann, BI’s chief structured finance strategist, spoke with Bill Sokol, director of product management at VanEck and Fran Rodilosso, head of fixed income ETF portfolio management and a portfolio manager on the VanEck CLO ETF (CLOI) and VanEck CLO AA-BB CLO ETF (CLOB), about why active management is essential when it comes to manager selection and loan-level analysis and how effective ETF management mitigates liquidity risk through diversified exposure across tranches. They also discussed why relative value remains attractive as CLO tranches yield more than corporates and other asset-backed securities. 
This podcast was recorded on Nov. 4. 

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AI’s next competitive edge is increasingly tied to vertical integration, connecting digital capacity with physical infrastructure. In this episode of the Inside Active podcast, host David Cohne, mutual fund and active management analyst with Bloomberg Intelligence, and co-host Breanne Dougherty, BI’s head of thematic strategy, speak with Eli Horton, managing director of equities at TCW and senior portfolio manager for the TCW Transform Systems ETF (PWRD). Horton discusses why he rejects traditional sector-based investing, arguing instead for a systems-based approach, which views the economy as interconnected systems. They also discuss why changing legacy industries is crucial for transformation, how bottlenecks in the power supply present investment opportunities and why he views decentralized energy systems as highly promising. The podcast was recorded on Oct. 14.

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High-quality stocks, measured by profitability, are trading at historically elevated levels, among the strongest in 25 years. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst with Bloomberg Intelligence, and co-host Christopher Cain, US quantitative strategist at BI, speak with Sid Jain, deputy portfolio manager at GQG Partners, about the firm’s focus on durable earnings and forward-looking quality, its US Select Quality Equity Fund (GQEPX) and why today’s market — particularly in tech — could prove worse than the dot-com bubble. They also discuss the team’s approach, which blends quant guardrails, investigative research and price-momentum awareness to avoid value traps. The podcast was recorded on Oct. 6.

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Despite tariff-related concerns, corporate earnings, especially in the S&P 500, have been stronger than expected. In this episode of Inside Active, host David Cohne, mutual-fund and active management analyst with Bloomberg Intelligence, along with co-host Michael Casper, US Small Cap and Sector Strategist at Bloomberg Intelligence spoke with Michael Lippert, Vice President and Head of Technology Research at Baron Capital and a portfolio manager for the Baron Opportunity (BIOIX) and Baron Technology (BTECX) funds about the Baron Capital philosophy, which focuses on secular growth trends with durable, compounding potential and the firm’s preference for companies that can expand into multiple growth curves. They also discussed the transformative impact of AI across industries and why physical AI is a powerful but underappreciated theme. 

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Emerging markets have had one of the strongest years since 2017, with currency appreciation a key driver of returns. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst with Bloomberg Intelligence, along with co-host Marvin Chen, BI’s senior Asia equity strategist spoke with Robert Marshall-Lee, founding partner and chief investment officer of Cusana Capital about its sword-and-shield framework, which seeks high-quality, founder-led compounders with structural growth and avoids value-destructive companies. They discussed why emerging-market indexes are full of weak companies, why tariffs are seen as short-term noise rather than structural impediments and where future opportunities could be strongest.

The podcast was recorded on Sept. 9.

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