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Active investing in the age of disruption
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...
| Clasificación: | Libro Electrónico |
|---|---|
| Autor principal: | |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
Hoboken, New Jersey :
Wiley,
2020.
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| Temas: | |
| Acceso en línea: | Texto completo |
Tabla de Contenidos:
- 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
- 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
- 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
- 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
- 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