Winning at active management : the essential roles of culture, philosophy, and technology

Winning at active management the essential roles of culture, philosophy, and technology

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...

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Detalles Bibliográficos
Otros Autores: Priest, William W., author (author)
Formato: Libro electrónico
Idioma:Inglés
Publicado: Hoboken, New Jersey : Wiley 2016.
Edición:1st edition
Materias:
Cash flow.
Rate of return.
Portfolio management.
Investments.
Corporate culture.
Ver en Biblioteca Universitat Ramon Llull:https://discovery.url.edu/permalink/34CSUC_URL/1im36ta/alma991009629888106719
Tabla de Contenidos:
  • Intro
  • Winning at Active Management
  • Contents
  • Preface: Active Management is Not Dead Yet
  • Part I Culture
  • Chapter 1 Culture at the Core
  • The Original Organizational Culture: Command-and-Control
  • Drawbacks of Command-and-Control
  • An Alternative Culture for Knowledge Businesses
  • The Partnership Culture Model
  • Interdependence
  • Support
  • Shared Interest
  • Justice and Fairness
  • Notes
  • Chapter 2 Culture in Investment Management
  • Values
  • Integrity
  • Trust
  • Culture and Clients
  • Firm Culture under Stress
  • Culture in Recruiting
  • Acquisitions
  • Evolution of Culture
  • Evolution of Culture: A Parable
  • Notes
  • Part II Philosophy and Methodology
  • Chapter 3 The Nature of Equity Returns
  • Linkages: The Real Economy and the Financial Economy
  • Components of Stock Returns
  • Price-Earnings Ratios
  • The Historical Makeup of Stock Returns
  • Notes
  • 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
  • Notes
  • 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
  • Notes
  • 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
  • Notes
  • 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
  • Notes
  • 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
  • Why Do Accounting Figures Still Dominate the Discussion?
  • The CFO Perspective
  • Notes
  • Chapter 9 The Jump from Company Earnings to Stock Prices
  • Flaws in Traditional Valuation Measures
  • Accounting versus Finance: A Case Study
  • Notes
  • 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?
  • Notes
  • Part III Technology
  • Chapter 11 High-Speed Technology
  • Information Technology: Three Relentless Forces
  • Moore's Law
  • Massive Digitization
  • Recombinant Technology
  • Racing with the Machine: The Human-Computer Interface
  • Notes
  • 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
  • Notes
  • Chapter 13 The Epoch Core Model
  • Factors in the Epoch Core Model
  • Historical Free Cash Flow Yield
  • Forward-Looking Free Cash Flow
  • Leverage
  • Accruals and Earnings Quality
  • Results of the Epoch Core Model
  • Notes
  • 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
  • Notes
  • Epilogue.
  • Appendix A: Selected Articles and White Papers of Epoch Investment Partners
  • Appendix B: Financial Asset Valuation
  • Appendix C: Feathered Feast: A Case
  • Acknowledgements
  • About the Authors
  • Index
  • EULA.

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