We open this issue with a paradox: In an era of passive mania, active management’s edge has not disappeared—it has magnified . The dispersion between the "Magnificent" winners and the "Forgotten" value traps is the widest since 1999. This issue is not about predicting the next crash. It is about .
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We feature a forgotten memo from a Baltimore-based deep-value shop, a transcript of a dinner with a UK-based "slow growth" compounder, and a sharp critique of the private credit bubble. Feature: "Cash is not trash; it is optionality." We open this issue with a paradox: In