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GREG FEDORINCHIK is head of investor solutions at Mesirow Advanced Strategies, Inc., an institutional fund of hedge funds firm based in Chicago. Prior to joining Mesirow, he was a senior strategist with the global investment solutions team at UBS Global Asset Management (formerly Brinson Partners, Inc.) and a member of the asset allocation and currency committee. Fedorinchik holds an MBA from the Kellogg School of Management, Northwestern University.
| Preface | p. xi |
| Acknowledgments | p. xvii |
| Characteristics of Successful Asset Management Firms | p. 1 |
| You Can Take the Boy Out of the Culture, but You Can't Take the Culture Out of the Boy | p. 3 |
| Size Matters, but Not in the Way Most People Believe | p. 7 |
| Governance: The Guardian of an Investment-Driven Firm | p. 12 |
| Fostering Collaborative Freedom: Everybody is a Peer | p. 19 |
| Integrity: An Unquestionable Characteristic of Success | p. 23 |
| Conclusion | p. 25 |
| Building a Cathedral: A Framework for Turning the Mission into Collective Action | p. 27 |
| A Framework for Effective Leadership and Management | p. 28 |
| Establishing and Living Organizational Values | p. 29 |
| Creating Mission and/or Investment Philosophy Statements | p. 31 |
| Strategic Goals and Key Performance Indicators | p. 33 |
| Conclusion | p. 37 |
| Building a Meritocracy: Understanding, Evaluating, and Rewarding Employee Contributions | p. 39 |
| Performance: A Deeper Dive | p. 39 |
| Horizon: The Fallacy of the Three-Year Track Record | p. 40 |
| Performance Analysis: Practically Speaking | p. 45 |
| Top-down and Bottom-up Approach to Determining Performance | p. 48 |
| Designing Your Rating System to Help Make the Difficult Decisions | p. 51 |
| What Does the Performance Score Really Mean? | p. 53 |
| Criticality: A Deeper Dive | p. 53 |
| Merit Zones: Putting It All Together | p. 57 |
| Communication of Performance and Criticality | p. 59 |
| Values and Compensation | p. 64 |
| Conclusion | p. 67 |
| Investment Philosophy and Process: A Lofty Cathedral Needs a Deep Foundation | p. 69 |
| The Importance of Investment Philosophy and Process in Investment Organizations | p. 69 |
| Investment Philosophy: Core Beliefs | p. 70 |
| Investment Process: Control and Anarchy | p. 73 |
| Avoiding the Pitfalls of Behavioral Biases | p. 78 |
| Conclusion | p. 83 |
| Investment Process in an Evolving World | p. 85 |
| Implementation Overview: The "How" of the Investment Process | p. 86 |
| Fundamental Valuation | p. 88 |
| Market Behavior and How It Challenges the Fundamental Investor | p. 90 |
| Team Behavior: Lessons for the CIO from Jelly Beans and Freud | p. 118 |
| Portfolio Design | p. 127 |
| Conclusion | p. 129 |
| Communication for Superior Client Outcomes | p. 131 |
| The Problem: Human Nature | p. 133 |
| A Classic Tale | p. 134 |
| Individual Investors, the Impact of Performance Chasing | p. 137 |
| Are Institutional Investors the "Smart Money?" | p. 137 |
| The Reality of Investing in Equities | p. 139 |
| The Mathematics of Recovery | p. 142 |
| Dilemma: Investment Firm or Distribution Shop? | p. 143 |
| The Importance of Culture | p. 145 |
| Sales and Marketing in an Investment Firm | p. 146 |
| Conclusion | p. 149 |
| Appendix: Client Communication in Extreme Market Conditions | p. 149 |
| Where are the Clients' Yachts?: Reasonable Fee Structures | p. 159 |
| The "Gamma Trade" | p. 161 |
| Anatomy of a Blowup | p. 167 |
| Catch 22 | p. 168 |
| Faults of Existing Fee Structures | p. 170 |
| Our Recommendation: High Integrity Fee Structures | p. 178 |
| Conclusion | p. 186 |
| Final Thoughts | p. 187 |
| Characteristics of Great Asset Management Firms | p. 188 |
| It Starts with a Shared Mission and Values | p. 188 |
| True Meritocracy | p. 189 |
| Avoiding the Pitfalls | p. 190 |
| For Successful Client Outcomes: Communicate, Communicate, Communicate | p. 192 |
| It's All about Incentives | p. 193 |
| Integrity | p. 193 |
| Notes | p. 195 |
| Bibliography | p. 201 |
| About the Authors | p. 205 |
| Index | p. 207 |
| Table of Contents provided by Ingram. All Rights Reserved. |
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