Hi everyone, Im getting closer and closer in the hard chapter of active portfolio management (the hardest for me so far) despite i noticed there is much less content on this chapter that the others to help me on this forum 
I would really need some help with these 2 questions : 1/ The TC for unconstrained portfolio is 1 and for constrained portfolio TC < 1 : im ok with this. But why do “ex post IR” do not require an “ex post TC” in its computation ? i would have supposed that TC would change… 2/ Why " ex ante IC" is not always 1 ? On the opposite i understand why " ex post IC" is not 1 as a manager can’t predict 100% of the future earnings. Does IC < 1 means : " i know future earnings but im not 100% sure ?" A great thank !