Selecting active managers has always been one of investing’s greatest challenges, in part because strong performance doesn’t always reflect repeatable skill. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, speaks with Michael Ervolini, author of “Skill Versus Luck,” about why investors should rethink how they evaluate active managers. They discuss the limitations of traditional performance metrics, how decision-based analytics can help separate skill from luck, and why analyzing buying, selling and position-sizing decisions may offer deeper insight into manager ability. They also explore the role of investment process, behavioral biases, AI and whether better skill measurement can improve manager selection and alter the balance between active and passive investing. Recorded July 16.  See omnystudio.com/listener for privacy information.