Winning at Active Management (eBook)
John Wiley & Sons (Verlag)
978-1-119-05177-0 (ISBN)
Winning at Active Management conducts an in-depth examination of crucial issues facing the investment management industry, and will be a valuable resource for asset managers, institutional consultants, managers of pension and endowment funds, and advisers to individual investors. Bill Priest, Steve Bleiberg and Mike Welhoelter all experienced investment professionals, consider the challenges of managing portfolios through complex markets, as well as managing the cultural and technological complexities of the investment business.
The book's initial section highlights the importance of culture within an investment firm - the characteristics of strong cultures, the imperatives of communication and support, and suggestions for leading firms through times of both adversity and prosperity.
It continues with a thorough discussion of active portfolio management for equities. The ongoing debate over active versus passive management is reviewed in detail, drawing on both financial theory and real-world investing results. The book also contrasts traditional methods of portfolio management, based on accounting metrics and price-earnings ratios, with Epoch Investment Partners' philosophy of investing on free cash flow and appropriate capital allocation.
Winning at Active Management closes with an inquiry into the crucial and growing role of technology in investing. The authors assert that the most effective portfolio strategies result from neither pure fundamental nor quantitative methods, but instead from thoughtful combinations of analyst and portfolio manager experience and skill with the speed and breadth of quantitative analysis. The authors illustrate the point with an example of an innovative Epoch equity strategy based on economic logic and judgment, but enabled by information technology.
Winning at Active Management also offers important insights into selecting active managers - the market cycle factors that have held back many managers' performance in recent years, and the difficulty of identifying those firms that truly possess investment skill. Drawing on behavioral economic theory and empirical research, the book makes a convincing case that many active investment managers can and do generate returns superior to those of the broad market.
William Priest, CFA, CPA, has over 45 years of experience in the investment management industry, almost all of it as an investment analyst and portfolio manager. Before forming Epoch Investment Partners with three associates in 2004, he spent most of his career at Credit Suisse Asset Management - Americas, and its predecessor firm BEA Associates, where he was a cofounder in the early 1970s. Priest served as chairman, CEO, and portfolio manager of CSAM-Americas, and CEO and portfolio manager of BEA. He is a CFA, a CPA, and a graduate of both Duke University and the University of Pennsylvania Wharton Graduate School of Business. Priest is the author of several published articles on investment and finance, and co-author of two books, The Financial Reality of Pension Funding Under ERISA and the 2007 book, Free Cash Flow and Shareholder Yield: New Priorities for the Global Investor.
John E. Keefe is a veteran financial journalist, having written for publiciations including the Financial Times, Institutional Investor, aiCIO, and PLANSPONSOR. He began his financial career as a CPA, and he spent a dozen years as an equity analyst on Wall Street's sell side, earning a place on the Institutional Investor All-America Team three times for his coverage of the financial services industry. Keefe is a graduate of Villanova University and the Wharton Graduate School of Business of the University of Pennsylvania.
Winning at Active Management conducts an in-depth examination of crucial issues facing the investment management industry, and will be a valuable resource for asset managers, institutional consultants, managers of pension and endowment funds, and advisers to individual investors. Bill Priest, Steve Bleiberg and Mike Welhoelter all experienced investment professionals, consider the challenges of managing portfolios through complex markets, as well as managing the cultural and technological complexities of the investment business. The book s initial section highlights the importance of culture within an investment firm the characteristics of strong cultures, the imperatives of communication and support, and suggestions for leading firms through times of both adversity and prosperity. It continues with a thorough discussion of active portfolio management for equities. The ongoing debate over active versus passive management is reviewed in detail, drawing on both financial theory and real-world investing results. The book also contrasts traditional methods of portfolio management, based on accounting metrics and price-earnings ratios, with Epoch Investment Partners philosophy of investing on free cash flow and appropriate capital allocation. Winning at Active Management closes with an inquiry into the crucial and growing role of technology in investing. The authors assert that the most effective portfolio strategies result from neither pure fundamental nor quantitative methods, but instead from thoughtful combinations of analyst and portfolio manager experience and skill with the speed and breadth of quantitative analysis. The authors illustrate the point with an example of an innovative Epoch equity strategy based on economic logic and judgment, but enabled by information technology. Winning at Active Management also offers important insights into selecting active managers the market cycle factors that have held back many managers performance in recent years, and the difficulty of identifying those firms that truly possess investment skill. Drawing on behavioral economic theory and empirical research, the book makes a convincing case that many active investment managers can and do generate returns superior to those of the broad market.
WILLIAM W. PRIEST is Chief Executive Officer, Co-Chief Investment Officer, and a co-founder of Epoch Investment Partners, and a long-time advocate of free cash flow investing. His other books include Free Cash Flow and Shareholder Yield and The Financial Reality of Pension Funding Under ERISA. STEVEN D. BLEIBERG is a Managing Director and Global Portfolio Manager at Epoch Investment Partners. MICHAEL A. WELHOELTER is a Managing Director, Portfolio Manager, and Head of QuantitativeResearch and Risk Management at Epoch Investment Partners.
Preface
Not Dead Yet: How the Right Culture, Philosophy, and Technology Enable Active Investment Managers to Add Value
Part I Culture
Chapter 1 Culture at the Core
The Original Organizational Culture: Command-and-Control
An Alternative Culture for Knowledge Businesses
The Partnership Culture Model
Justice and Fairness
Chapter 2 Culture in Investment Management
Values
Integrity
Trust
Culture and Clients
Firm Culture under Stress
Culture in Recruiting
Acquisitions
Evolution of Culture
Part II Philosophy and Methodology
Chapter 3 The Nature of Equity Returns
The Real Economy versus the Financial Economy
Components of Stock Returns
Price-Earnings Ratios
The Historical Makeup of Stock Returns
Chapter 4 The Great Investment Debate: Active or Passive Management?
The Debate Is Timeless
An Elegant Theory: The Capital Asset Pricing Model
Further Elegance: The Efficient Market Hypothesis
Reality intrudes
The Problem with MPT
Chapter 5 A More Human Description of Investors and Markets:
Behavioral Finance
Loss Aversion
Mental Accounting
Minimizing Regret
Overconfidence
Extrapolation and Reversal
Investor Behavior in Action
MPT Still Lives
Chapter 6 Active Versus Passive Management:
The Empirical Case
Market Regimes
Correlation and Dispersion
Company Quality
The Weight of Cash
Luck Versus Skill
Investors Voting with Their Dollars
Chapter 7 The Case for Active Management
April 2015: Investment Giants Square Off in New York City
An Active-Passive Equilibrium
The Case for Active Management
Chapter 8 Debates on Active Managers' Styles and Methods
Manager Style
Free Cash Flow Is the Measure of Value
Depreciation
Accruals
Research and Development Costs
The CFO Perspective
Chapter 9 The Jump from Company Earnings to Stock Prices
Flaws in Traditional Valuation Measures
Accounting Versus Finance: A Case Study
Chapter 10 Epoch's Investment Philosophy
The Starting Point: Generating Free Cash Flow
Choosing to Reinvest
Capital Investment: Returns and Capital Costs
Once More: Cash-Flow-Based Measures Are Superior
Trends in Capital Allocation
Dividends
Share Repurchases
Debt Buydowns
Capital Allocation: What's the Right Mix?
Part III Technology
Chapter 11 High-Speed Technology
Information Technology: Three Relentless Forces
Chapter 12 Technology in Investing
Information at Work
Order from Chaos: Applying Scientific Frameworks
Computers to the Rescue
A Virtuous Circle
Expansion of Index Funds
Betting against the CAPM
Concurrent Developments
The Spread of Quant
Computing and Data, Neck and Neck
Big Data--beyond Bloomberg
Artificial Intelligence
Chapter 13 The Epoch Core Model
Factors in the Epoch Core Model
Results of the Epoch Core Model
Chapter 14 Racing with the Machine
Investing Is Too Important for Robots Alone
Racing with the Machine
Seeking High Return on Capital
A More Practical Study
Is Persistence Contradictory?
An ROIC strategy
The Value of Judgment
Epilogue
Appendix A: Selected Articles and White Papers of Epoch Investment Partners
Appendix B: Financial Asset Valuation
Appendix C: Feathered Feast: A Case
Acknowledgments
About the Auhtors
Index
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
| Erscheint lt. Verlag | 7.7.2016 |
|---|---|
| Co-Autor | John Keefe |
| Sprache | englisch |
| Themenwelt | Recht / Steuern ► Wirtschaftsrecht |
| Wirtschaft ► Betriebswirtschaft / Management ► Finanzierung | |
| Schlagworte | Epoch investing methodology • Epoch Investment Partners • Epoch stock selection methodology • Epoch valuation techniques • Equity investing • equity markets • Finance & Investments • Finance & Investments Special Topics • Finanz- u. Anlagewesen • Finanzwesen • Free Cash Flow • free cash flow basics • free cash flow benefits • free cash flow implementation • free cash flow methods • free cash flow successes • free cash flow themes • free cash flow tools • Global Equity Shareholder Yield • managing equity portfolios • Portfolio Management • Shareholder yield quantitative techniques • Spezialthemen Finanz- u. Anlagewesen • valuation frameworks |
| ISBN-10 | 1-119-05177-0 / 1119051770 |
| ISBN-13 | 978-1-119-05177-0 / 9781119051770 |
| Informationen gemäß Produktsicherheitsverordnung (GPSR) | |
| Haben Sie eine Frage zum Produkt? |
EPUB (Adobe DRM)Größe: 1,7 MB
Kopierschutz: Adobe-DRM
Adobe-DRM ist ein Kopierschutz, der das eBook vor Mißbrauch schützen soll. Dabei wird das eBook bereits beim Download auf Ihre persönliche Adobe-ID autorisiert. Lesen können Sie das eBook dann nur auf den Geräten, welche ebenfalls auf Ihre Adobe-ID registriert sind.
Details zum Adobe-DRM
Dateiformat: EPUB (Electronic Publication)
EPUB ist ein offener Standard für eBooks und eignet sich besonders zur Darstellung von Belletristik und Sachbüchern. Der Fließtext wird dynamisch an die Display- und Schriftgröße angepasst. Auch für mobile Lesegeräte ist EPUB daher gut geeignet.
Systemvoraussetzungen:
PC/Mac: Mit einem PC oder Mac können Sie dieses eBook lesen. Sie benötigen eine
eReader: Dieses eBook kann mit (fast) allen eBook-Readern gelesen werden. Mit dem amazon-Kindle ist es aber nicht kompatibel.
Smartphone/Tablet: Egal ob Apple oder Android, dieses eBook können Sie lesen. Sie benötigen eine
Geräteliste und zusätzliche Hinweise
Buying eBooks from abroad
For tax law reasons we can sell eBooks just within Germany and Switzerland. Regrettably we cannot fulfill eBook-orders from other countries.
PDF (Adobe DRM)Kopierschutz: Adobe-DRM
Adobe-DRM ist ein Kopierschutz, der das eBook vor Mißbrauch schützen soll. Dabei wird das eBook bereits beim Download auf Ihre persönliche Adobe-ID autorisiert. Lesen können Sie das eBook dann nur auf den Geräten, welche ebenfalls auf Ihre Adobe-ID registriert sind.
Details zum Adobe-DRM
Dateiformat: PDF (Portable Document Format)
Mit einem festen Seitenlayout eignet sich die PDF besonders für Fachbücher mit Spalten, Tabellen und Abbildungen. Eine PDF kann auf fast allen Geräten angezeigt werden, ist aber für kleine Displays (Smartphone, eReader) nur eingeschränkt geeignet.
Systemvoraussetzungen:
PC/Mac: Mit einem PC oder Mac können Sie dieses eBook lesen. Sie benötigen eine
eReader: Dieses eBook kann mit (fast) allen eBook-Readern gelesen werden. Mit dem amazon-Kindle ist es aber nicht kompatibel.
Smartphone/Tablet: Egal ob Apple oder Android, dieses eBook können Sie lesen. Sie benötigen eine
Geräteliste und zusätzliche Hinweise
Buying eBooks from abroad
For tax law reasons we can sell eBooks just within Germany and Switzerland. Regrettably we cannot fulfill eBook-orders from other countries.
aus dem Bereich
