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Winning at Active Management - The Essential Roles of Culture, Philosophy, and Technology (Hardcover)
Loot Price: R555
Discovery Miles 5 550
You Save: R163
(23%)
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Winning at Active Management - The Essential Roles of Culture, Philosophy, and Technology (Hardcover)
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List price R718
Loot Price R555
Discovery Miles 5 550
You Save R163 (23%)
Expected to ship within 12 - 17 working days
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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.
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