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| Preface | |
| Are We Setting a Good Example for Our Children? | |
| Overview of the Book | |
| Acknowledgments | |
| Characteristics of Successful Asset Management Firms | |
| You Can Take the Boy Out of the Culture, but You Can't Take the Culture Out of the Boy | |
| Size Matters, but Not in the Way Most People Believe | |
| Governance: The Guardian of an Investment-Driven Firm | |
| Fostering Collaborative Freedom: Everybody is a Peer | |
| Integrity: An Unquestionable Characteristic of Success | |
| Conclusion | |
| Building a Cathedral | |
| A Framework for Turning the Mission into Collective Action | |
| A Framework for Effective Leadership and Management | |
| Establishing and Living Organizational Values | |
| Creating Mission and/or Investment Philosophy Statements | |
| Strategic Goals and Key Performance Indicators | |
| Conclusion | |
| Building a Meritocracy | |
| Understanding, Evaluating and Rewarding Employee Contributions | |
| Performance: A Deeper Dive | |
| Horizon: The Fallacy of the Three Year Trade Record | |
| Performance Analysis: Practically Speaking | |
| Top-down and Bottom-up Approach to Determining Performance | |
| Designing Your Rating System to Help Make the Difficult Decisions | |
| What Does the Performance Score Really Mean? | |
| Criticality: A Deeper Dive | |
| Merit Zones: Putting It All Together | |
| Communication of Performance and Criticality | |
| Values and Compensation | |
| Conclusion | |
| Investment Philosophy and Process | |
| A Lofty Cathedral Needs a Deep Foundation | |
| The Importance of Investment Philosophy and Process in Investment Organizations | |
| Investment Philosophy: Core Beliefs | |
| Investment Process: Control and Anarchy | |
| Avoiding the Pitfalls of Behavioral Biases | |
| Conclusion | |
| Investment Process In an Evolving World | |
| Implementation Overview: "The How" of the Investment Process | |
| Fundamental Valuation | |
| Market Behavior and How It Challenges the Fundamental Investor | |
| Team Behavior: Lessons for the CIO from Jelly Beans and Freud | |
| Portfolio Design | |
| Conclusion | |
| Communication for Superior Client Outcomes | |
| The Problem: Human Nature | |
| A Classic Tale | |
| Case 1: Individual Investors, the Impact of Performance Chasing | |
| Case 2: Are Institutional Investors the "Smart Money?" | |
| The Reality of Investing in Equities | |
| The Mathematics of Recovery | |
| Dilemma: Investment Firm or Distribution Shop? | |
| The Importance of Culture | |
| Sales and Marketing in an Investment Firm | |
| Conclusion | |
| Appendix: Client Communication in Extreme Market Conditions | |
| Where are the Clients' Yachts? | |
| Reasonable Fee Structures | |
| The "Gamma Trade" | |
| Anatomy of a Blowup | |
| Catch 22 | |
| Faults of Existing Fee Structures | |
| Our Recommendation: High Integrity Fee Structures | |
| Conclusion | |
| Final Thoughts | |
| Characteristics of Great Asset Management Firms | |
| It Starts With a Shared Mission and Values | |
| True Meritocracy | |
| Avoiding the Pitfalls | |
| For Successful Client Outcomes: Communicate, Communicate, Communicate | |
| It's All About Incentives | |
| Integrity | |
| Notes | |
| Bibliography | |
| About the Authors | |
| Index | |
| Table of Contents provided by Publisher. All Rights Reserved. |
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