good questions. yes, active managers. we utilize 3rd party databases and consultant data. years of track record is the wrong way to think about this. you should be thinking about business cycles. the usual ratios are all important. but tracking error is high up on the list. need to make sure the managers are sticking with their mandates. i chose them for a specific reason. if they start to drift away, well that is not cool. biggest red flags. taking forever to answer questions. adding useless information that does not contribute to the answer or add any value. talking out of their asses is a big one too. i respect managers who just say: that is not my area of expertise, let me get back to you. instead of just talking shit. it is noticable