Success and More Interesting Stuff
Jun 1, 2026 · 56 min · 10 segments
Morry Waked revolutionised the funds management industry in Australia. Armed with a natural gift for mathematics and the rigorous training of an actuary, he made the leap from insurance to the…
Morry WakedGuest
Matthew KidmanHost
Are they at more threat? I mean, they've been under threat from passive investing-
Now, I think even in Australia now that, you know, 60, 70% of money each, each year now flows into a passive strategy as opposed to an active one.
I- is, is potentially AI the, the death knell of the fundamental investor, do you think?
You know, you've mentioned passive and ETFs, and a lot of money's gone to that.
I think we're gonna see some reversion, 'cause that does have some unintended consequences for capital markets and how they operate.
Um, but certainly, you know, at, at the end of the day, if you are, if you're an investor and you've got good investment insight, that's gonna be valuable.
And actually, as I said before, even what we do now-... is not too dissimilar at the starting point to what a good investment manager does.
It's about embracing it and using it in a way that can leverage your skills and give you better outcomes at scale.
A lot of the more fundamentally based managers run concentrated portfolios and, uh, and aren't very good at understanding what they don't know and just focus on what they do know, don't really understand how to factor in things that they don't know, and there's more that we don't know than we do know.
But you know, really, uh, they... there's certainly an opportunity for them, um, as long as they've got insight.
But as we've said before, um, the majority of active managers do underperform, so it's, it's a tough game.
And so with all that, that backdrop on what you've built, and you've got teams of people and you're using technology, Maurie Wakeham, what, what are you good at? What, what...
Are they at more threat? I mean, they've been under threat from passive investing-
Now, I think even in Australia now that, you know, 60, 70% of money each, each year now flows into a passive strategy as opposed to an active one.
I- is, is potentially AI the, the death knell of the fundamental investor, do you think?
You know, you've mentioned passive and ETFs, and a lot of money's gone to that.
I think we're gonna see some reversion, 'cause that does have some unintended consequences for capital markets and how they operate.
Um, but certainly, you know, at, at the end of the day, if you are, if you're an investor and you've got good investment insight, that's gonna be valuable.
And actually, as I said before, even what we do now-... is not too dissimilar at the starting point to what a good investment manager does.
It's about embracing it and using it in a way that can leverage your skills and give you better outcomes at scale.
A lot of the more fundamentally based managers run concentrated portfolios and, uh, and aren't very good at understanding what they don't know and just focus on what they do know, don't really understand how to factor in things that they don't know, and there's more that we don't know than we do know.
But you know, really, uh, they... there's certainly an opportunity for them, um, as long as they've got insight.
But as we've said before, um, the majority of active managers do underperform, so it's, it's a tough game.
And so with all that, that backdrop on what you've built, and you've got teams of people and you're using technology, Maurie Wakeham, what, what are you good at? What, what...
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