| Description |
1 online resource |
| Contents |
Cover -- Title Page -- Copyright -- Contents -- About the Author -- Acknowledgments -- Preface -- PART I Market Environment: The 2010s and 2020s -- Chapter 1 Challenges to Active Investing -- Active investing alpha has been falling -- Self-reinforcing cycle driving poor performance -- Why do these forces pressure investment decisions? -- Key investment tenets -- Chapter 2 Global Central Bank Intervention -- Unprecedented global central bank intervention -- Fundamental investing overwhelmed by central bank intervention -- Low rates and the US consumer |
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Chapter 3 Accelerated Pace of Technology &equals -- Disruption -- Innovation adoption tipping point -- Innovation and Financial Capital -- Outperformance potential with unprofitable but disruptive companies? -- Private markets overheating? -- Contrarianism and paradigm shifts -- Chapter 4 Passive Investing -- Factor investing -- How far can passive investing go? -- Are the losers quitting the game? -- Financial product creation and passive alternatives -- Chapter 5 The 2020s -- Economic drivers of the 2020s -- Continuation of technology-driven disruption -- American dream -- Populism |
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The biggest downside risk: Loss of faith in central banks -- Consequences for active investing -- Is value investing dead? -- PART II Creating Alpha -- Chapter 6 A Cohesive Strategy -- Aligning pieces of the puzzle -- Benchmarks and security selection universes that are too narrow or broad -- Diversification and performance goals -- Assets under management (AUM) relationship to strategy -- Matching the time horizon of the strategy to the investor base -- Fees in relation to the strategy return potential -- Shorting and your strategy -- Academic analysis and investment reality -- Firm incentives |
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Executing the strategy -- Chapter 7 Investment Process -- Process evolves -- it is not stagnant -- Functions served by process -- Documenting and memory -- Investment thesis -- Deep work: Trying to avoid the noise -- Channel checks -- Management meetings -- Systems and technology -- Chapter 8 Security Selection -- Superior business models -- Idea generation: Top down to narrow the universe -- Timing business cycles -- Roll-up acquisition strategy -- Other types of companies to be wary of -- What to look for in a company: Sales growth -- What to look for in a company: Operating margins |
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What to look for in a company: Market power sustainability -- Management teams -- Being contrarian and time horizon -- Chapter 9 Valuation -- Importance of valuation in fundamental versus value investing -- Fundamental investing: Big picture -- Owner's yield -- Free cash flow as an important metric -- Company balance sheet leverage -- Price target creation and channels -- Chapter 10 Capital Allocation -- Capital expenditures (capex) and research and development (R&D) -- Acquisitions and corporate strategy -- Stock buybacks, dividends, and debt pay-down |
| Summary |
Outperforming the market'or 'alpha creation' as it's sometimes called'is very possible with the proper investment discipline and methodologies. But the market-beating strategies that will work today are not the same as those that worked in the past. Central bank intervention and the accelerated pace of technology have caused an increase in the disruption of traditional business models across many industries. These industry paradigm shifts combined with macro-driven financial markets have created one of the toughest environments for active investment managers in history. Active Investing in the Age of Disruption details the disruptive forces in the market today and how to navigate them to outperform. This book discusses winning equity investment strategies with lofty goals of alpha creation. Understanding the limits and potential of each unique investment methodology and portfolio strategy will allow you to generate higher returns. Even when your luck runs out or the market works against you, the ideas and disciplined approach in this book will keep you one step ahead of the market. ''''''' Understand the disruptive forces affecting the market today ''''''' Discover equity investment strategies uniquely targeting alpha generation'beating the market ''''''' Understand which features of active investing need to be implemented and stressed from a risk perspective to outperform the market ''''''' Learn which previously solid investment tenets may no longer hold true in the age of market disruption ''''''' Hone the craft of active investing'identify markets with the greatest profit potential, hedge against strategy limitations, and more It has been a very tough decade for active investment managers, but this book will inspire you to think differently about risks and opportunity. A deeper understanding of the forces affecting the market and a commitment to refining your investment process using the techniques in this book will help you step across the margin of error between under and outperforming |
| Subject |
Investments.
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Portfolio management.
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Investments
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BUSINESS & ECONOMICS / Investments & Securities / Stocks.
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Investments
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Portfolio management
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| Form |
Electronic book
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| LC no. |
2019057707 |
| ISBN |
9781119688075 |
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1119688078 |
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1119688124 |
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9781119688129 |
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