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  • Produktbild: Winning at Active Management
  • Produktbild: Winning at Active Management

Winning at Active Management The Essential Roles of Culture, Philosophy, and Technology

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Beschreibung

Produktdetails

Einband

Gebundene Ausgabe

Erscheinungsdatum

25.07.2016

Verlag

John Wiley & Sons Inc

Seitenzahl

336

Maße (L/B/H)

23,6/15,6/3,2 cm

Gewicht

539 g

Auflage

1. Auflage

Sprache

Englisch

ISBN

978-1-119-05182-4

Beschreibung

Rezension

Praise for Winning at Active Management
 
"In this highly accessible book, Bill Priest and his co-authors do a masterful job demonstrating the critical components of success for any investment manager: maintaining the right culture, developing a rigorous and effective investment philosophy, and embracing technologies that can capture greater value from fundamental insights. Investors interested in improving their results will benefit from the five decades of wisdom and experience that are so engagingly captured here, and come away with profound insights about the active/passive debate, how both culture and technology are underappreciated drivers of success, and the future of investing. Bill's highly successful career as an investor, innovator and industry leader give this work tremendous depth and perspective -- I strongly recommend it."
 
- Blake Grossman, Managing Partner, CHJ Capital Management, Chairman of the Board of Directors, Financial Engines, Former Chief Executive Officer, Barclays Global Investors
 
"While having the right corporate culture is essential for successful asset management, culture is surprisingly under-researched in finance. Winning at Active Management is a bold step forward in filling this gap."
 
- Campbell R. Harvey, Ph.D., Professor of Finance, Duke University, Co-author, Corporate Culture: Evidence from the Field
 
"Bill Priest and his co-authors expertly capture what's at stake in the debate about active versus passive investing. In Winning at Active Management, they identify the styles and traits in active management that outperform over the long term."
 
- Fleming Meeks, Executive Editor, Barron's

Produktdetails

Einband

Gebundene Ausgabe

Erscheinungsdatum

25.07.2016

Verlag

John Wiley & Sons Inc

Seitenzahl

336

Maße (L/B/H)

23,6/15,6/3,2 cm

Gewicht

539 g

Auflage

1. Auflage

Sprache

Englisch

ISBN

978-1-119-05182-4

Herstelleradresse

Libri GmbH
Europaallee 1
36244 Bad Hersfeld
DE

Email: gpsr@libri.de

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  • Produktbild: Winning at Active Management
  • Produktbild: Winning at Active Management
  • Preface xi

    Active Management is Not Dead Yet

    Part I Culture

    Chapter 1 Culture at The Core 3

    The Original Organizational Culture: Command-and-Control 5

    An Alternative Culture for Knowledge Businesses 8

    The Partnership Culture Model 10

    Justice and Fairness 17

    Chapter 2 Culture in Investment Management 21

    Values 22

    Integrity 26

    Trust 28

    Culture and Clients 32

    Firm Culture under Stress 34

    Culture in Recruiting 35

    Acquisitions 38

    Evolution of Culture 41

    Part II Philosophy and Methodology

    Chapter 3 The Nature of Equity Returns 49

    Linkages: The Real Economy and the Financial Economy 49

    Components of Stock Returns 51

    Price-Earnings Ratios 53

    The Historical Makeup of Stock Returns 59

    Chapter 4 The Great Investment Debate: Active or Passive Management? 63

    The Debate Is Timeless 65

    An Elegant Theory: The Capital Asset Pricing Model 66

    Further Elegance: The Efficient Market Hypothesis 68

    Reality Intrudes 69

    The Problem with MPT 71

    Chapter 5 A More Human Description of Investors and Markets: Behavioral Finance 73

    Loss Aversion 74

    Mental Accounting 75

    Minimizing Regret 76

    Overconfidence 77

    Extrapolation and Reversal 78

    Investor Behavior in Action 78

    MPT Still Lives 80

    Chapter 6 Active Versus Passive Management: The Empirical Case 85

    Market Regimes 87

    Correlation and Dispersion 87

    Company Quality 89

    The Weight of Cash 90

    Luck versus Skill 91

    Investors Voting with Their Dollars 96

    Chapter 7 The Case for Active Management 101

    April 2015: Investment Giants Square Off in New York City 101

    An Active-Passive Equilibrium 103

    The Case for Active Management 105

    Chapter 8 Debates On Active Managers' Styles and Methods 109

    Manager Style 110

    Free Cash Flow Is the Measure of Value 112

    Depreciation 113

    Accruals 114

    Research and Development Costs 118

    The CFO Perspective 120

    Chapter 9 The Jump from Company Earnings to Stock Prices 125

    Flaws in Traditional Valuation Measures 125

    Accounting versus Finance: A Case Study 128

    Chapter 10 Epoch's Investment Philosophy 133

    The Starting Point: Generating Free Cash Flow 134

    Choosing to Reinvest 135

    Capital Investment: Returns and Capital Costs 136

    Once More: Cash Flow-Based Measures Are Superior 139

    Trends in Capital Allocation 142

    Dividends 143

    Share Repurchases 145

    Debt Buydowns 150

    Capital Allocation: What's the Right Mix? 151

    Part III Technology

    Chapter 11 High-Speed Technology 159

    Information Technology: Three Relentless Forces 162

    Chapter 12 Technology in Investing 171

    Information at Work 172

    Order from Chaos: Applying Scientific Frameworks 172

    Computers to the Rescue 174

    A Virtuous Circle 176

    Expansion of Index Funds 177

    Betting Against the CAPM 177

    Concurrent Developments 179

    The Spread of Quant 181

    Computing and Data, Neck and Neck 181

    Big Data-Beyond Bloomberg 183

    Artificial Intelligence 187

    Chapter 13 The Epoch Core Model 191

    Factors in the Epoch Core Model 192

    Results of the Epoch Core Model 196

    Chapter 14 Racing with The Machine 201

    Investing Is Too Important for Robots Alone 201

    Racing with the Machine 202

    Seeking High Return on Capital 204

    A More Practical Study 206

    Is Persistence Contradictory? 208

    An ROIC Strategy 211

    The Value of Judgment 214

    Epilogue 219

    Appendix A: Selected Articles and White Papers of Epoch Investment Partners 223

    Appendix B: Financial Asset Valuation 273

    Appendix C: Feathered Feast: A Case 285

    Acknowledgements 295

    About the Authors 297

    Index 299