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Gewinnen im aktiven Management von Priester, William W.-
by Priest, William W. | HC | VeryGood
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eBay-Artikelnr.:146403770079
Artikelmerkmale
- Artikelzustand
- Sehr gut
- Hinweise des Verkäufers
- Binding
- Hardcover
- Weight
- 1 lbs
- Product Group
- Book
- IsTextBook
- No
- ISBN
- 9781119051824
Über dieses Produkt
Product Identifiers
Publisher
Wiley & Sons, Incorporated, John
ISBN-10
1119051827
ISBN-13
9781119051824
eBay Product ID (ePID)
220284002
Product Key Features
Book Title
Winning at Active Management : the Essential Roles of Culture, Philosophy, and Technology
Number of Pages
336 Pages
Language
English
Publication Year
2016
Topic
Investments & Securities / Portfolio Management, Finance / General
Illustrator
Yes
Genre
Business & Economics
Format
Hardcover
Dimensions
Item Height
1.2 in
Item Weight
20 oz
Item Length
8.9 in
Item Width
6.2 in
Additional Product Features
Intended Audience
Trade
LCCN
2016-023968
Dewey Edition
23
Reviews
Praise for Winning at Active Management "In this highly accessible book, Bill Priest and his co-authors do a masterful job demonstrating the critical components of success for any investment manager: maintaining the right culture, developing a rigorous and effective investment philosophy, and embracing technologies that can capture greater value from fundamental insights. Investors interested in improving their results will benefit from the five decades of wisdom and experience that are so engagingly captured here, and come away with profound insights about the active/passive debate, how both culture and technology are underappreciated drivers of success, and the future of investing. Bill's highly successful career as an investor, innovator and industry leader give this work tremendous depth and perspective -- I strongly recommend it." - Blake Grossman , Managing Partner, CHJ Capital Management, Chairman of the Board of Directors, Financial Engines, Former Chief Executive Officer, Barclays Global Investors "While having the right corporate culture is essential for successful asset management, culture is surprisingly under-researched in finance. Winning at Active Management is a bold step forward in filling this gap." - Campbell R. Harvey , Ph.D., Professor of Finance, Duke University, Co-author, Corporate Culture: Evidence from the Field "Bill Priest and his co-authors expertly capture what's at stake in the debate about active versus passive investing. In Winning at Active Management , they identify the styles and traits in active management that outperform over the long term." - Fleming Meeks , Executive Editor, Barron's
Dewey Decimal
332.6
Table Of Content
Preface xi Active Management is Not Dead Yet Part I Culture Chapter 1 Culture at The Core 3 The Original Organizational Culture: Command-and-Control 5 An Alternative Culture for Knowledge Businesses 8 The Partnership Culture Model 10 Justice and Fairness 17 Chapter 2 Culture in Investment Management 21 Values 22 Integrity 26 Trust 28 Culture and Clients 32 Firm Culture under Stress 34 Culture in Recruiting 35 Acquisitions 38 Evolution of Culture 41 Part II Philosophy and Methodology Chapter 3 The Nature of Equity Returns 49 Linkages: The Real Economy and the Financial Economy 49 Components of Stock Returns 51 Price-Earnings Ratios 53 The Historical Makeup of Stock Returns 59 Chapter 4 The Great Investment Debate: Active or Passive Management? 63 The Debate Is Timeless 65 An Elegant Theory: The Capital Asset Pricing Model 66 Further Elegance: The Efficient Market Hypothesis 68 Reality Intrudes 69 The Problem with MPT 71 Chapter 5 A More Human Description of Investors and Markets: Behavioral Finance 73 Loss Aversion 74 Mental Accounting 75 Minimizing Regret 76 Overconfidence 77 Extrapolation and Reversal 78 Investor Behavior in Action 78 MPT Still Lives 80 Chapter 6 Active Versus Passive Management: The Empirical Case 85 Market Regimes 87 Correlation and Dispersion 87 Company Quality 89 The Weight of Cash 90 Luck versus Skill 91 Investors Voting with Their Dollars 96 Chapter 7 The Case for Active Management 101 April 2015: Investment Giants Square Off in New York City 101 An Active-Passive Equilibrium 103 The Case for Active Management 105 Chapter 8 Debates On Active Managers'' Styles and Methods 109 Manager Style 110 Free Cash Flow Is the Measure of Value 112 Depreciation 113 Accruals 114 Research and Development Costs 118 The CFO Perspective 120 Chapter 9 The Jump from Company Earnings to Stock Prices 125 Flaws in Traditional Valuation Measures 125 Accounting versus Finance: A Case Study 128 Chapter 10 Epoch''s Investment Philosophy 133 The Starting Point: Generating Free Cash Flow 134 Choosing to Reinvest 135 Capital Investment: Returns and Capital Costs 136 Once More: Cash Flow-Based Measures Are Superior 139 Trends in Capital Allocation 142 Dividends 143 Share Repurchases 145 Debt Buydowns 150 Capital Allocation: What''s the Right Mix? 151 Part III Technology Chapter 11 High-Speed Technology 159 Information Technology: Three Relentless Forces 162 Chapter 12 Technology in Investing 171 Information at Work 172 Order from Chaos: Applying Scientific Frameworks 172 Computers to the Rescue 174 A Virtuous Circle 176 Expansion of Index Funds 177 Betting Against the CAPM 177 Concurrent Developments 179 The Spread of Quant 181 Computing and Data, Neck and Neck 181 Big Data--Beyond Bloomberg 183 Artificial Intelligence 187 Chapter 13 The Epoch Core Model 191 Factors in the Epoch Core Model 192 Results of the Epoch Core Model 196 Chapter 14 Racing with The Machine 201 Investing Is Too Important for Robots Alone 201 Racing with the Machine 202 Seeking High Return on Capital 204 A More Practical Study 206 Is Persistence Contradictory? 208 An ROIC Strategy 211 The Value of Judgment 214 Epilogue 219 Appendix A: Selected Articles and White Papers of Epoch Investment Partners 223 Appendix B: Financial Asset Valuation 273 Appendix C: Feathered Feast: A Case 285 Acknowledgements 295 About the Authors 297 Index 299
Synopsis
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., 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 Bleiberg and Mike Welhoelter all experienced investment professionals, consider the challenges of managing portfolios through complex markets, as well as managing the cultural and technological complexities of the investment business. The book's initial section highlights the importance of culture within an investment firm - the characteristics of strong cultures, the imperatives of communication and support, and suggestions for leading firms through times of both adversity and prosperity. It continues with a thorough discussion of active portfolio management for equities. The ongoing debate over active versus passive management is reviewed in detail, drawing on both financial theory and real-world investing results. The book also contrasts traditional methods of portfolio management, based on accounting metrics and price-earnings ratios, with Epoch Investment Partners' philosophy of investing on free cash flow and appropriate capital allocation. Winning at Active Management closes with an inquiry into the crucial and growing role of technology in investing. The authors assert that the most effective portfolio strategies result from neither pure fundamental nor quantitative methods, but instead from thoughtful combinations of analyst and portfolio manager experience and skill with the speed and breadth of quantitative analysis. The authors illustrate the point with an example of an innovative Epoch equity strategy based on economic logic and judgment, but enabled by information technology. Winning at Active Management also offers important insights into selecting active managers - the market cycle factors that have held back many managers' performance in recent years, and the difficulty of identifying those firms that truly possess investment skill. Drawing on behavioral economic theory and empirical research, the book makes a convincing case that many active investment managers can and do generate returns superior to those of the broad market., Praise for winning at active management "In this highly accessible book, Bill Priest and his co-authors do a masterful job demonstrating the critical components of success for any investment manager: maintaining the right culture, developing a rigorous and effective investment philosophy, and embracing technologies that can capture greater value from fundamental insights. Investors interested in improving their results will benefit from the five decades of wisdom and experience that are so engagingly captured here, and come away with profound insights about the active/passive debate, how both culture and technology are underappreciated drivers of success, and the future of investing. Bills highly successful career as an investor, innovator, and industry leader give this work tremendous depth and perspective--I strongly recommend it." -- BLAKE GROSSMAN, Managing Partner, CHJ Capital Management; Chairman of the Board of Directors, Financial Engines; former Chief Executive Officer, Barclays Global Investors "While having the right corporate culture is essential for successful asset management, culture is surprisingly under-researched in finance. Winning at Active Management is a bold step forward in filling this gap." -- CAMPBELL R. HARVEY, PHD, Professor of Finance, Duke University; co-author of Corporate Culture: Evidence from the Field "Bill Priest and his co-authors expertly capture whats at stake in the debate about active versus passive investing. In Winning at Active Management, they identify the styles and traits in active management that outperform over the long term." -- FLEMING MEEKS, Executive Editor, Barrons
LC Classification Number
HG4529.5
As told to
Keefe, John
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Verkäuferbewertungen (5.695.474)
- c***m (421)- Bewertung vom Käufer.Letzte 6 MonateBestätigter KaufWOW!; I cannot believe this 3 Days to Hawaii! ; AAA+++; Excellent Service; Great Pricing; Fast Delivery-Faster Than Expected to Hawaii!; Shipped 05/05, Mon, Received 05/08, Thu to Hawaii using free shipping; USPS Ground Mail, Book in Excellent Condition--Better Than Described ; TLC Packaging; Excellent Seller Communication, Sends updates . Highly Recommended!, Thank you very much!The Internment of Japanese Americans During World War II (Nr. 146005407795)
- v***v (2060)- Bewertung vom Käufer.Letzter MonatBestätigter KaufAlthough this book was not as described, with no picture of it in the listing, the seller communicated well and quickly gave me a full refund while letting me keep it. The minimal packaging left the book a bit vulnerable (typical for ThriftBooks), but it did arrive safely and timely. As usual, it’s hit or miss with this seller, but often times you can get great values, and their customer service is always very good. Many other sellers with millions of transactions don’t even communicate.
- 2***j (113)- Bewertung vom Käufer.Letzter MonatBestätigter KaufI've ordered several items from this vendor now and they've always been what they were advertised as. This was no exception. Both discs were in great shape as well as their jewel cases. Delivery is good, packaging is simple but effective for what you're paying and I haven't had any get damaged. Will keep buying from this vendor because of the results so far and good prices, too.