Читать книгу Active Investing in the Age of Disruption - Evan L. Jones - Страница 12

 Active investing alpha has been falling

 Self-reinforcing cycle driving poor performance

 Why do these forces pressure investment decisions?

 Key investment tenets

Creating positive alpha (risk-adjusted excess return) through active equity investing has always been hard, but it has been getting harder for today's investment managers with no clear end in sight. Spending the time and energy to investigate, analyze, and monitor companies for individual investments in the public markets takes dedication, curiosity, and experience. In the past, when done well, this work has paid off. It still can today, but the historic challenges were amplified in the 2010s and will continue in the 2020s.

The focus of Part I will be to analyze the unique challenges that arose in the 2010s for active investment managers and consider how these challenges will continue to affect the 2020s. The confluence of two separate forces has pressured the key investment tenets that have historically led to outperforming the broad equity markets. Those two forces are massive central bank intervention (chapter 2) and the accelerated pace of technology (chapter 3).

In Part II the focus will shift to an in-depth discussion of the key investment tenets and investment process necessary to outperform the public equity markets. I hope by intimately defining the keys to a successful investment process and recognizing the specific challenges in the execution of the process that managers may overcome and adapt to the challenges and produce superior returns (alpha).