Winning at Active Management (eBook)

The Essential Roles of Culture, Philosophy, and Technology

William W. Priest, Steven D. Bleiberg, Michael A. Welhoelter (Autoren)

eBook Download: PDF | EPUB

2016
John Wiley & Sons (Verlag)
978-1-119-05190-9 (ISBN)

Infos

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.

Autor

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.

Rezensionen

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

Produkt-Details

• Erscheint lt. Verlag: 7.7.2016
• Co-Autor: John Keefe
• Sprache: englisch
• Themenwelt: Recht / Steuern ► Wirtschaftsrecht
• Themenwelt: 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: 1-119-05190-8 / 1119051908
• ISBN-13: 978-1-119-05190-9 / 9781119051909