Читать книгу Active Investing in the Age of Disruption - Evan L. Jones - Страница 22

Analyzing companies and making good individual investment decisions can be very different than being a good portfolio manager. Understanding how to construct a portfolio to offer the opportunity to outperform, yet managing risk, is both quantitative and qualitative. Liquidity and volatility can be quantitatively measured, but an understanding of the real-life implications of those numbers and how it will affect your decision-making is experiential. Portfolio concentration, making significant investments as a percentage of your capital, is necessary to create alpha. The level of concentration is dependent on the alpha and volatility goals of the firm. The challenges of managing a concentrated portfolio are not dissimilar from the pre-financial crisis period, but again they are magnified due to the amplified role of global central banks and technologically driven disruption. In the 2010s, macro issues have overwhelmed individual company decisions, and risks not generally associated with an individual company have often dictated short-term performance.