Winning at Active Management
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Welhoelter Michael A.. Winning at Active Management
Preface Active Management is Not Dead Yet
PART I. Culture
Chapter 1. Culture at the Core
The Original Organizational Culture: Command-and-Control
An Alternative Culture for Knowledge Businesses
The Partnership Culture Model
Justice and Fairness
Chapter 2. Culture in Investment Management
Values
Integrity
Trust
Culture and Clients
Firm Culture under Stress
Culture in Recruiting
Acquisitions
Evolution of Culture
PART II. Philosophy and Methodology
Chapter 3. The Nature of Equity Returns
Linkages: The Real Economy and the Financial Economy
Components of Stock Returns
Price-Earnings Ratios
The Historical Makeup of Stock Returns
Chapter 4. The Great Investment Debate: Active or Passive Management?
The Debate Is Timeless
An Elegant Theory: The Capital Asset Pricing Model
Further Elegance: The Efficient Market Hypothesis
Reality Intrudes
The Problem with MPT
Chapter 5. A More Human Description of Investors and Markets: Behavioral Finance
Loss Aversion
Mental Accounting
Minimizing Regret
Overconfidence
Extrapolation and Reversal
Investor Behavior in Action
MPT Still Lives
Chapter 6. Active versus Passive Management: The Empirical Case
Market Regimes
Correlation and Dispersion
Company Quality
The Weight of Cash
Luck versus Skill
Investors Voting with Their Dollars
Chapter 7. The Case for Active Management
April 2015: Investment Giants Square Off in New York City
An Active-Passive Equilibrium
The Case for Active Management105
Chapter 8. Debates on Active Managers’ Styles and Methods
Manager Style
Free Cash Flow Is the Measure of Value
Depreciation
Accruals
Research and Development Costs
The CFO Perspective
Chapter 9. The Jump from Company Earnings to Stock Prices
Flaws in Traditional Valuation Measures
Accounting versus Finance: A Case Study
Chapter 10. Epoch’s Investment Philosophy
The Starting Point: Generating Free Cash Flow
Choosing to Reinvest
Capital Investment: Returns and Capital Costs
Once More: Cash Flow-Based Measures Are Superior
Trends in Capital Allocation
Dividends
Share Repurchases
Debt Buydowns
Capital Allocation: What’s the Right Mix?
PART III. Technology
Chapter 11. High-Speed Technology
Information Technology: Three Relentless Forces
Chapter 12. Technology in Investing
Information at Work
Order from Chaos: Applying Scientific Frameworks
Computers to the Rescue
A Virtuous Circle
Expansion of Index Funds
Betting Against the CAPM
Concurrent Developments
The Spread of Quant
Computing and Data, Neck and Neck
Big Data – Beyond Bloomberg
Artificial Intelligence
Chapter 13. The Epoch Core Model
Factors in the Epoch Core Model
Results of the Epoch Core Model
Chapter 14. Racing with the Machine
Investing Is Too Important for Robots Alone
Racing with the Machine
Seeking High Return on Capital
A More Practical Study
Is Persistence Contradictory?
An ROIC Strategy
The Value of Judgment
Epilogue
Appendix A
Selected Articles and White Papers of Epoch Investment Partners
Appendix B
Financial Asset Valuation
Appendix C
Feathered Feast: A Case
Acknowledgements
About the Authors
Index
Отрывок из книги
WINNING AT ACTIVE MANAGEMENT
The Essential Roles of Culture, Philosophy, and Technology
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With less involvement of senior management in day-to-day decisions, the economic success of a professional firm is dependent on “multiple leadership,” that is, key decisions being made at many points in the firm. Figure 1.1 illustrates the relationships among the financial and working elements of a partnership: interdependence in carrying out their work, and support that individuals offer and rely on from one another. Both are built on a foundation of economic interests shared among the partners.21
Figure 1.1 Tenets of Professional Partnership
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