Craig Lazzara from S&P joins Phil to talk about the growth in factor investing. Craig shares highlights from the latest factor research from S&P which leads to a discussion about chasing factors, the crowding effect, and whether choosing factors is different than actively choosing stocks. Craig then explains why S&P constituents are chosen by committee. The conversation continues to SPIVA and performance of active managers during down markets. Craig talks about the lottery effect and then Phil talks about the Winner’s Curse. Finally, Craig explains why the bow tie became his signature look and what job he would love to have if he could not work in finance.