Applied Portfolio ManagementHow University of Kansas Students Generate Alpha to Beat the Street
Wiley Finance, Band 368 1. Aufl.
When investment professional Kent McCarthy returned to teach at his alma mater, the University of Kansas, he planted the seeds for the Applied Portfolio Management (APM) program—a course that allows students to manage a real money portfolio, which has compiled a remarkable record of investment success. Now, with this book, you’ll discover how to use the concepts covered in this class—from understanding the fundamental drivers of business success to buying at the right price—to enhance your own investment skills.
Foreword. Preface. Acknowledgments. Part One. Introduction to the Applied Portfolio Management Class. Chapter 1. APM History. In the Beginning. How do Beginning Investors Think? Student Groups – Short-Term Investing and Portfolio Contests. Getting Close to the Information. Onions, Poker, and Ants. What about the Ants? Things to Come. Chapter 2. APM Guidelines. Professional Money Managers. Tactical Asset Allocation and Sector Benchmarking. APM Approach. Wrapping Up. Chapter 3. Conventional Wisdom. Diversification and Risk. Efficient Markets. Conclusion. Chapter 4. How Students Find An Investment Edge. Build Your Own Information Network. Neglected Firms. Surface Analysis. Wrapping Up. Chapter 5. Alpha, Sigma, Beta. APM's Risk and Reward. The Risk-Return Trade-off. Other Risk Measures. Wrapping Up. Appendix. Risk and Return Calculations. Part Two. Building an Investment Case. Chapter 6. Many Ways to be a Successful Investor. Common Traits of Successful Investors. APM's Philosophy. LSB Industries. Wrapping Up. Chapter 7. Prepping for a Case. Getting Started. Understand the Business. Ready to Write the Case. Appendix. 10-K Requirements. Chapter 8. Writing a Case. Case Format. Description. Investment Thesis. Next Steps. Chapter 9. Gazing into the Crystal Ball. Pro Forma Statements. Pro Forma Financial Statements and Free Cash Flow. Building a Pro Forma. Next Steps. Chapter 10. Valuation. Relative Valuation. Discounted Cash Flow Valuation. Investing is Dynamic. Appendix. Discounted Cash Flow Formulas. Part Three. Class Specials. Chapter 11. Investing in China. Financial Systems in China. Raising Equity in China. Company Example - China Green. Wrapping Up. Chapter 12. It's a Big World (After All). Interceramic. World Commodities. Wrapping Up. Appendix. Valero's Numbers. Chapter 13. Local Biases. American Italian Pasta (PLB). Novastar Financial (NFI). Inergy, L.P. and Inergy Holdings, L.P. Tortoise Capital Advisors (and more about Inergy). Wrapping Up. Chapter 14. Making Corporate Governance Pay. Board Issues. Corporate Activists. Oplink Campaign. Wrapping Up. Chapter 15. It's All About Who You Know. APM Students. APM Speakers. The Last Word. About the Authors. Index.
Catherine Shenoy, PhD, MBA, is Director of the Applied Portfolio Management program at the University of Kansas School of Business. She has worked for the U.S. State Department as a Foreign Service Officer in Washington, DC, and Tunis, Tunisia. Since 1993, she has taught accounting, statistics, and finance at the University of Kansas. Shenoy's research areas include corporate governance, corporate financial policies, and applications of artificial intelligence to portfolio analysis. Kent C. McCarthy, MBA, is President and Chief Investment Officer of Jayhawk Capital Management. In 1994, he retired from Goldman Sachs, returned to Kansas, and founded the Applied Portfolio Management class. McCarthy taught the class full-time until 1995, when he founded Jayhawk Capital Management, which manages hedge funds and private equity funds primarily focused on the Chinese equity markets. He continues as an Executive Lecturer in the APM class.
The students at the University of Kansas have earned an annual average return over 20% since 1994 when the Applied Portfolio Management program was founded, blowing away the NASDAQ’s average 9% over the same period. Learn how they did it and help boost the return on your own portfolio. In 1988, when investment professional Kent McCarthy returned to teach at his alma mater, the University of Kansas, he planted the seeds for the Applied Portfolio Management (APM) program—a course that offers students a unique opportunity to learn the intricacies of investing by managing a real portfolio. Thirteen years later, with the help of Catherine Shenoy—the Director of APM for the last seven years—this class has compiled a remarkable record of investment performance and student achievement. It has launched the Wall Street careers of many students, and the class portfolio has outperformed the market in dramatic fashion over its history. Now, with Applied Portfolio Management, Shenoy and McCarthy share their experiences of this class with you and discuss how to incorporate the methods it teaches into your everyday investment endeavors. Divided into three comprehensive parts, this detailed guide puts successful investing in perspective by addressing some of the most essential elements of this field, such as understanding the fundamental drivers of business success, buying at the right price, and building a network of contacts. Step by step, you'll learn how to operate in today's dynamic market environment—one in which changing investment conditions will force you to continuously shift your investment strategy. Along the way, you'll also discover how to dig behind the facade of press releases and spin to figure out what's really going on with an organization, and answer important questions such as: How does a company make money? What numbers, from quarterly reports to annual statements, demonstrate how well a company is accomplishing its mission? What are the people running the company like? Other issues that are carefully covered include: How quality of information—and evaluating and interpreting it correctly—is the key difference between average returns and extraordinary returns What it takes to create a "case" for the companies in your portfolio—from putting together a pro forma analysis to coming up with a final target price based on your valuation Where world trends, local biases, and corporate governance fit into the investment picture And much more Good investment habits are built from the ground up and can be developed by learning from a network of individuals with a wide variety of views. These are the ingredients that make a successful investor, and these are the ingredients that the Applied Portfolio Management program at the University of Kansas has tried to cultivate. If you're looking to enhance your investment performance, Applied Portfolio Management has the information you need to succeed. Pick it up today and put its ideas to work for you.
Praise for Applied Portfolio Management "Speaking to the APM class has always been an energizing experience. I'm glad that investors can now share in the enthusiasm and great returns the class has produced. International investing has always been one of the strengths of the class. I'm impressed with their global view. The class, and now this book, offer a unique perspective on investing throughout the world." —Victor Almeida, President and CEO, Interceramic "Professors Shenoy and McCarthy translate lessons from the school of hard knocks to academe. In doing so, they reveal the secrets that have led to over twenty years—and still counting—of stellar investment performance." —John Charnes, author of Financial Modeling with Crystal Ball and Excel "As a former student who has been in the investment research and management business for the past twelve years, I continue to use the principles I learned in the APM class on a daily basis. I believe these principles can help anyone beat the market." —Scott F. Jones, CFA, Managing Member, Prairie Wind Capital, LLC "Having had the opportunity to present to the Applied Portfolio Management class on four different occasions, I see the huge benefits the students get from investing real money. Each time, their analysis of our company was very thorough and well done. It was a real challenge to get a buy recommendation from the class. There was no difference in presenting to the APM class or presenting at any professional investor conference." —John B. Dicus, CEO, Capitol Federal Financial "Professors McCarthy and Shenoy have created a unique class at the University of Kansas. They have created the opportunity for students to participate in a 'real world' investment management experience—relating financial theory to actual practice. Students gain real insight into the process of individual stock selection and overall portfolio construction. Most importantly, the APM class demonstrates to students that 'intelligent' investing involves fundamental homework, an openness to new ideas, and adherence to a coherent overall strategy." —Robert Kaplan, University of Kansas alumnus
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