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9781119688082

Active Investing in the Age of Disruption

by
  • ISBN13:

    9781119688082

  • ISBN10:

    1119688086

  • Edition: 1st
  • Format: Hardcover
  • Copyright: 2020-04-21
  • Publisher: Wiley
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Supplemental Materials

What is included with this book?

Summary

Outperforming the market—or “alpha creation” as it’s sometimes called—is very possible with the proper investment discipline and methodologies. But the market-beating strategies that will work today are not the same as those that worked in the past.

Central bank intervention and the accelerated pace of technology have caused an increase in the disruption of traditional business models across many industries. These industry paradigm shifts combined with macro-driven financial markets have created one of the toughest environments for active investment managers in history. Active Investing in the Age of Disruption details the disruptive forces in the market today and how to navigate them to outperform.

This book discusses winning equity investment strategies with lofty goals of alpha creation. Understanding the limits and potential of each unique investment methodology and portfolio strategy will allow you to generate higher returns. Even when your luck runs out or the market works against you, the ideas and disciplined approach in this book will keep you one step ahead of the market.

·       Understand the disruptive forces affecting the market today

·       Discover equity investment strategies uniquely targeting alpha generation—beating the market

·       Understand which features of active investing need to be implemented and stressed from a risk perspective to outperform the market

·       Learn which previously solid investment tenets may no longer hold true in the age of market disruption

·       Hone the craft of active investing—identify markets with the greatest profit potential, hedge against strategy limitations, and more

It has been a very tough decade for active investment managers, but this book will inspire you to think differently about risks and opportunity. A deeper understanding of the forces affecting the market and a commitment to refining your investment process using the techniques in this book will help you step across the margin of error between under and outperforming.

Author Biography

EVAN L. JONES currently manages the Direct Investments portfolio for Duke University's $18 billion endowment. Before joining Duke University, where he has taught Entrepreneurship and Investment Management for more than two decades, Jones was co-founder and portfolio manager of Brightleaf Capital, founder and CEO of TSI Soccer, and an investment banking analyst at Prudential- Bache Capital Funding in New York. He holds the Chartered Financial Analyst designation and an MBA from the University of North Carolina at Chapel Hill.

Table of Contents

About the Author vii

Acknowledgments ix

Preface xi

Part I Market Environment: The 2010s and 2020s

Chapter 1 Challenges to Active Investing 3

Chapter 2 Global Central Bank Intervention 15

Chapter 3 Accelerated Pace of Technology = Disruption 29

Chapter 4 Passive Investing 41

Chapter 5 The 2020s 51

Part II Creating Alpha

Chapter 6 A Cohesive Strategy 69

Chapter 7 Investment Process 81

Chapter 8 Security Selection 91

Chapter 9 Valuation 115

Chapter 10 Capital Allocation 127

Chapter 11 Portfolio Management 133

Chapter 12 Short Investing 157

Part III The Bigger Picture

Chapter 13 Goal Congruence, Fiduciary Responsibility, and Learning 173

Glossary 181

Index 183

Supplemental Materials

What is included with this book?

The New copy of this book will include any supplemental materials advertised. Please check the title of the book to determine if it should include any access cards, study guides, lab manuals, CDs, etc.

The Used, Rental and eBook copies of this book are not guaranteed to include any supplemental materials. Typically, only the book itself is included. This is true even if the title states it includes any access cards, study guides, lab manuals, CDs, etc.

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