Details

Active Investing in the Age of Disruption


Active Investing in the Age of Disruption


1. Aufl.

von: Evan L. Jones

19,99 €

Verlag: Wiley
Format: PDF
Veröffentl.: 09.04.2020
ISBN/EAN: 9781119688075
Sprache: englisch
Anzahl Seiten: 208

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Beschreibungen

<p>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. </p> <p>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. <i>Active Investing in the Age of Disruption </i>details the disruptive forces in the market today and how to navigate them to outperform. </p> <p>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.</p> <p>·       Understand the disruptive forces affecting the market today</p> <p>·       Discover equity investment strategies uniquely targeting alpha generation—beating the market</p> <p>·       Understand which features of active investing need to be implemented and stressed from a risk perspective to outperform the market</p> <p>·       Learn which previously solid investment tenets may no longer hold true in the age of market disruption</p> <p>·       Hone the craft of active investing—identify markets with the greatest profit potential, hedge against strategy limitations, and more</p> <p>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.</p>
<p>About the Author vii</p> <p>Acknowledgments ix</p> <p>Preface xi</p> <p><b>Part I Market Environment: The 2010s and 2020s</b></p> <p>Chapter 1 Challenges to Active Investing 3</p> <p>Chapter 2 Global Central Bank Intervention 15</p> <p>Chapter 3 Accelerated Pace of Technology = Disruption 29</p> <p>Chapter 4 Passive Investing 41</p> <p>Chapter 5 The 2020s 51</p> <p><b>Part II Creating Alpha</b></p> <p>Chapter 6 A Cohesive Strategy 69</p> <p>Chapter 7 Investment Process 81</p> <p>Chapter 8 Security Selection 91</p> <p>Chapter 9 Valuation 115</p> <p>Chapter 10 Capital Allocation 127</p> <p>Chapter 11 Portfolio Management 133</p> <p>Chapter 12 Short Investing 157</p> <p><b>Part III The Bigger Picture</b></p> <p>Chapter 13 Goal Congruence, Fiduciary Responsibility, and Learning 173</p> <p>Glossary 181</p> <p>Index 183</p>
<p><b>EVAN L. JONES</b> currently manages the Direct Investments portfolio for Duke University's $18 billion endowment. Before joining Duke University, where he has taught Entrepreneurship and Investment Management for more than two decades, Jones was co-founder and portfolio manager of Brightleaf Capital, founder and CEO of TSI Soccer, and an investment banking analyst at Prudential- Bache Capital Funding in New York. He holds the Chartered Financial Analyst designation and an MBA from the University of North Carolina at Chapel Hill.
<p>Praise for Active Investing in the Age of Disruption <p>"The performance of active managers has come under pressure over the past decade and value investing has underperformed expectations. Evan Jones not only reveals the drivers behind this underperformance but also creates a roadmap for generating future alpha. Jones has successfully integrated many of his key investment principles into our investment process at DUMAC which has led to long term outperformance. Whether you are launching a start-up hedge fund or have decades of investing experience, you'll find value in the insights amassed from his diverse background—entrepreneur to hedge fund manager to endowment investor."<br/> <b>—Neal Triplett,</b> Chief Investment Officer, Duke University Management Company (DUMAC) <p>"Thinking of giving up on active management? Don't. In this combination memoir and how-to manual, Evan Jones shows how technological innovation and changing economic policies create new alpha opportunities—some of them very large—even as old ones disappear. A compelling read, peppered with words of wisdom from great investors of the past and present."<br/> <b>—Laurence B. Siegel,</b> Gary P. Brinson Director of Research, CFA Institute Research Foundation; author of <i>Fewer, Richer, Greener: Prospects for Humanity in an Age of Abundance</i> <p>"In the institutional investing world, already drowning in data and how-to tomes, it is refreshing to come upon a book that is insightful and accessible for practitioners of all levels of experience. Evan Jones has written just such a book. Investing for endowed institutions—serving both present and future generations—has become markedly more challenging in the 21st century. Jones lays out with clarity how we got where we are, what's important to know now, and what behaviors, practices, and principles are critical for investors and their clients to establish and live by in their quest for superior investment performance over the long term. A skilled practitioner experienced in long and short, active and passive, domestic and global, across multiple asset classes, Jones speaks with authority but in a straightforward manner with language that doesn't intimidate."<br/> <b>—Thruston Morton,</b> Founder, Global Endowment Management, LP <p>"Processing information is critical for driving strong investment returns. Historically, availability was an issue, but now the challenge is information overload. So how do investors process it all? Evan Jones solves this problem by providing a thoughtful adaptive learning approach to muffling the noise and focusing on what's relevant. As this dynamic continues to proliferate, his book will surely become increasingly valuable over time."<br/> <b>—Joshua Pearl,</b> Founder and CIO, Hickory Lane Capital Management LP; co-author of <i>The Little Book of Investing Like the Pros</i> and <i>Investment Banking</i> <p>"Evan Jones' <i>Active Investing in the Age of Disruption</i> reveals the secrets of how a successful endowment manager evaluates a portfolio manager and dissects their security selection and portfolio management process. This provides a useful template for allocators and high-net-worth individuals to use when evaluating potential investment managers, but also offers important insights to portfolio managers who are looking to raise capital from those same investors."<br/> <b>—Paul D. Sonkin,</b> former portfolio manager, The Hummingbird Value Fund and Gabelli Asset Management; co-author of <i>Pitch the Perfect Investment</i>

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