Charley Ellis is one of the most highly regarded experts in the investment business.  After spending nearly a decade as an equity research analyst in the 1960s, Charley founded financial services consulting firm Greenwich Associates in 1972 to help institutions understand what their clients think of them.  Over 50 years, Charley has worked hand in hand with nearly every major financial institution in the world and has published sixteen books on investing, including his most recent “The Index Revolution: Why Investors Should Join It Now.” Charley is not just another preacher for index fund investing. He extols the virtues of indexing after having looked both broadly and deeply under the covers of some of the most successful active managers in the world. Our conversation begins with a glimpse at what equity research and the structure of the markets looked like in the 1960s and the monumentally different way research is conducted and markets function today. Charley describes elegantly why indexing is a winner’s game for many, and then walks through very special and rare qualities of three of the most successful active managers over the last few decades – Vanguard, Capital Group, and Yale University. Charley is a brilliant communicator and masterful storyteller. I hope you enjoy the show as much as I enjoyed the conversation.    For more episodes, go to capitalallocatorspodcast.com/podcast Follow Ted on twitter at @tseides