{"product_id":"winning-at-active-management-9781119051824","title":"Winning at Active Management","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003eWinning 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.\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003e\u003cp\u003ePreface xi\u003c\/p\u003e \u003cp\u003eActive Management is Not Dead Yet\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart I Culture\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 Culture at The Core 3\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Original Organizational Culture: Command-and-Control 5\u003c\/p\u003e \u003cp\u003eAn Alternative Culture for Knowledge Businesses 8\u003c\/p\u003e \u003cp\u003eThe Partnership Culture Model 10\u003c\/p\u003e \u003cp\u003eJustice and Fairness 17\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 Culture in Investment Management 21\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eValues 22\u003c\/p\u003e \u003cp\u003eIntegrity 26\u003c\/p\u003e \u003cp\u003eTrust 28\u003c\/p\u003e \u003cp\u003eCulture and Clients 32\u003c\/p\u003e \u003cp\u003eFirm Culture under Stress 34\u003c\/p\u003e \u003cp\u003eCulture in Recruiting 35\u003c\/p\u003e \u003cp\u003eAcquisitions 38\u003c\/p\u003e \u003cp\u003eEvolution of Culture 41\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart II Philosophy and Methodology\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 The Nature of Equity Returns 49\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eLinkages: The Real Economy and the Financial Economy 49\u003c\/p\u003e \u003cp\u003eComponents of Stock Returns 51\u003c\/p\u003e \u003cp\u003ePrice-Earnings Ratios 53\u003c\/p\u003e \u003cp\u003eThe Historical Makeup of Stock Returns 59\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 The Great Investment Debate: Active or Passive Management? 63\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Debate Is Timeless 65\u003c\/p\u003e \u003cp\u003eAn Elegant Theory: The Capital Asset Pricing Model 66\u003c\/p\u003e \u003cp\u003eFurther Elegance: The Efficient Market Hypothesis 68\u003c\/p\u003e \u003cp\u003eReality Intrudes 69\u003c\/p\u003e \u003cp\u003eThe Problem with MPT 71\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 A More Human Description of Investors and Markets: Behavioral Finance 73\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eLoss Aversion 74\u003c\/p\u003e \u003cp\u003eMental Accounting 75\u003c\/p\u003e \u003cp\u003eMinimizing Regret 76\u003c\/p\u003e \u003cp\u003eOverconfidence 77\u003c\/p\u003e \u003cp\u003eExtrapolation and Reversal 78\u003c\/p\u003e \u003cp\u003eInvestor Behavior in Action 78\u003c\/p\u003e \u003cp\u003eMPT Still Lives 80\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 Active Versus Passive Management: The Empirical Case 85\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eMarket Regimes 87\u003c\/p\u003e \u003cp\u003eCorrelation and Dispersion 87\u003c\/p\u003e \u003cp\u003eCompany Quality 89\u003c\/p\u003e \u003cp\u003eThe Weight of Cash 90\u003c\/p\u003e \u003cp\u003eLuck versus Skill 91\u003c\/p\u003e \u003cp\u003eInvestors Voting with Their Dollars 96\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 The Case for Active Management 101\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eApril 2015: Investment Giants Square Off in New York City 101\u003c\/p\u003e \u003cp\u003eAn Active-Passive Equilibrium 103\u003c\/p\u003e \u003cp\u003eThe Case for Active Management 105\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 Debates On Active Managers’ Styles and Methods 109\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eManager Style 110\u003c\/p\u003e \u003cp\u003eFree Cash Flow Is the Measure of Value 112\u003c\/p\u003e \u003cp\u003eDepreciation 113\u003c\/p\u003e \u003cp\u003eAccruals 114\u003c\/p\u003e \u003cp\u003eResearch and Development Costs 118\u003c\/p\u003e \u003cp\u003eThe CFO Perspective 120\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 The Jump from Company Earnings to Stock Prices 125\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFlaws in Traditional Valuation Measures 125\u003c\/p\u003e \u003cp\u003eAccounting versus Finance: A Case Study 128\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10 Epoch’s Investment Philosophy 133\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Starting Point: Generating Free Cash Flow 134\u003c\/p\u003e \u003cp\u003eChoosing to Reinvest 135\u003c\/p\u003e \u003cp\u003eCapital Investment: Returns and Capital Costs 136\u003c\/p\u003e \u003cp\u003eOnce More: Cash Flow-Based Measures Are Superior 139\u003c\/p\u003e \u003cp\u003eTrends in Capital Allocation 142\u003c\/p\u003e \u003cp\u003eDividends 143\u003c\/p\u003e \u003cp\u003eShare Repurchases 145\u003c\/p\u003e \u003cp\u003eDebt Buydowns 150\u003c\/p\u003e \u003cp\u003eCapital Allocation: What’s the Right Mix? 151\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart III Technology\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 11 High-Speed Technology 159\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eInformation Technology: Three Relentless Forces 162\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 12 Technology in Investing 171\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eInformation at Work 172\u003c\/p\u003e \u003cp\u003eOrder from Chaos: Applying Scientific Frameworks 172\u003c\/p\u003e \u003cp\u003eComputers to the Rescue 174\u003c\/p\u003e \u003cp\u003eA Virtuous Circle 176\u003c\/p\u003e \u003cp\u003eExpansion of Index Funds 177\u003c\/p\u003e \u003cp\u003eBetting Against the CAPM 177\u003c\/p\u003e \u003cp\u003eConcurrent Developments 179\u003c\/p\u003e \u003cp\u003eThe Spread of Quant 181\u003c\/p\u003e \u003cp\u003eComputing and Data, Neck and Neck 181\u003c\/p\u003e \u003cp\u003eBig Data—Beyond Bloomberg 183\u003c\/p\u003e \u003cp\u003eArtificial Intelligence 187\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 13 The Epoch Core Model 191\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFactors in the Epoch Core Model 192\u003c\/p\u003e \u003cp\u003eResults of the Epoch Core Model 196\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 14 Racing with The Machine 201\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eInvesting Is Too Important for Robots Alone 201\u003c\/p\u003e \u003cp\u003eRacing with the Machine 202\u003c\/p\u003e \u003cp\u003eSeeking High Return on Capital 204\u003c\/p\u003e \u003cp\u003eA More Practical Study 206\u003c\/p\u003e \u003cp\u003eIs Persistence Contradictory? 208\u003c\/p\u003e \u003cp\u003eAn ROIC Strategy 211\u003c\/p\u003e \u003cp\u003eThe Value of Judgment 214\u003c\/p\u003e \u003cp\u003eEpilogue 219\u003c\/p\u003e \u003cp\u003eAppendix A: Selected Articles and White Papers of Epoch Investment Partners 223\u003c\/p\u003e \u003cp\u003eAppendix B: Financial Asset Valuation 273\u003c\/p\u003e \u003cp\u003eAppendix C: Feathered Feast: A Case 285\u003c\/p\u003e \u003cp\u003eAcknowledgements 295\u003c\/p\u003e \u003cp\u003eAbout the Authors 297\u003c\/p\u003e \u003cp\u003eIndex 299\u003c\/p\u003e","brand":"John Wiley \u0026 Sons Inc","offers":[{"title":"Default Title","offer_id":49406974034263,"sku":"9781119051824","price":19.54,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9781119051824.jpg?v=1730497750","url":"https:\/\/bookcurl.com\/products\/winning-at-active-management-9781119051824","provider":"Book Curl","version":"1.0","type":"link"}