Mutual fund managers have long been thought to benefit from being close to the companies they follow. But what exactly creates that edge? Better public information, faster internal communication or something more human? This paper argues that the missing piece is face-to-face contact itself. When COVID lockdowns abruptly disrupted in-person meetings, fund managers’ advantage in local stocks weakened, suggesting that some investment edge still depends on trust, nuance, and soft information that d...
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