Description
Book SynopsisOutperforming the marketor alpha creation as it's sometimes calledis 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
Table of ContentsAbout 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
