Managing the Present, Investing in the Future
Author: Alaska Permanent Fund Corporation
Publisher:
Published: 2010
Total Pages: 4
ISBN-13:
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The Future of Investment Management
Author: Ronald N. Kahn
Publisher: CFA Institute Research Foundation
Published: 2018-11-12
Total Pages: 146
ISBN-13: 1944960570
DOWNLOAD EBOOKInvestment management is in flux, arguably more than it has been in a long time. Active management is under pressure, with investors switching from active to index funds. New “smart beta” products offer low-cost exposures to many active ideas. Exchange-traded funds are proliferating. Markets and regulations have changed significantly over the past 10–20 years, and data and technology—which are increasingly important for investment management—are evolving even more rapidly. In the midst of this change, what can we say about the future of investment management? What ideas will influence its evolution? What types of products will flourish over the next 5–10 years? I use a long perspective to address these questions and analyze the modern intellectual history of investment management—the set of ideas that have influenced investment management up to now. One central theme that emerges is that investment management is becoming increasingly systematic. Our understanding of risk has evolved from a general aversion to losing money to a precisely defined statistic we can measure and forecast. Our understanding of expected returns has evolved as the necessary data have become more available, as our understanding of fundamental value has developed, and as we have come to understand the connection between return and risk and the relevance of human behavior to both. Data and technology have advanced in parallel to facilitate implementing better approaches. With an understanding of the ideas underlying investment management today, including several insights into active management, I discuss the many trends currently roiling the field. These trends, applied to the current state of investment management, suggest that investment management will evolve into three distinct branches—indexing, smart beta/factor investing, and pure alpha investing. Each branch will offer two styles of products: those that focus exclusively on returns and those that include goals beyond returns.
Scenarios for Risk Management and Global Investment Strategies
Author: Rachel E. S. Ziemba
Publisher: John Wiley & Sons
Published: 2008-07-31
Total Pages: 334
ISBN-13: 9780470518380
DOWNLOAD EBOOKThis book discusses scenarios for risk management and developing global investment strategies. What are the chances that various future events will occur over time and how should these events and probable occurrence influence investment decisions? Assessing all possible outcomes is fundamental to risk management, financial engineering and investment and hedge fund strategies. A careful consideration of future scenarios will lead to better investment decisions and avoid financial disasters. The book presents tools and case studies around the world for analyzing a wide variety of investment strategies, building scenarios to optimize returns.
Innovation Killers
Author: Clayton M. Christensen
Publisher: Harvard Business Review Press
Published: 2010-07-22
Total Pages: 57
ISBN-13: 1633691306
DOWNLOAD EBOOKIn this seminal article, innovation experts Clayton Christensen, Stephen P. Kaufman, and Willy C. Shih explore the key reasons why companies struggle to innovate. The authors uncover common mistakes companies make—from focusing on the wrong customers to choosing the wrong products to develop—that can derail innovation efforts, and offer a better way forward for management teams who want to avoid these obstacles and get innovation right. Since 1922, Harvard Business Review has been a leading source of breakthrough ideas in management practice. The Harvard Business Review Classics series now offers you the opportunity to make these seminal pieces a part of your permanent management library. Each highly readable volume contains a groundbreaking idea that continues to shape best practices and inspire countless managers around the world.
Your Financial Edge
Author: Paul McCulley
Publisher: John Wiley & Sons
Published: 2007-06-02
Total Pages: 258
ISBN-13: 047016588X
DOWNLOAD EBOOKPraise for Your Financial Edge "Paul McCulley is the man to heed. His knowledge of financial markets runs deep, and his experience has been the best. Beyond all his financial and economic wisdom, he is a human being with inborn instincts of kindness and thoughtfulness-attributes that bring to the reader something richer than just hard facts and sage advice. Jonathan Fuerbringer is the perfect partner for this project, a master of lucidity and a longtime observer of the best and the worst habits of investors." -Peter Bernstein, bestselling author of Against the Gods "Paul McCulley's insightful observations on the economy and financial markets are key inputs to our investment thinking. This book provides analytical tools and actionable advice that can greatly improve your ability to navigate today's complex financial environment. Learn from a master (and maybe even future Federal Reserve Board member) and become a better investor." -Bill Miller, Chairman and Chief Investment Officer, Legg Mason Capital Management "Paul McCulley is just the man to bring 'that ole-time religion' of economics into the new age of investing and help the reader to make coherent sense of just what is going on here. I should know...I listen to his counsel every day here at PIMCO, and for anyone who lacks a key to our door, this is the next best thing! Profit by the prophet-and yes-enjoy." -William H. Gross, Managing Director, PIMCO "In this highly readable book, McCulley and Fuerbringer provide valuable insights, including how the world of policy making impacts investment decisions. Their entertaining and thoughtful analysis is accompanied by a series of penetrating real-life examples that demonstrate the choices facing investors as they seek to maximize returns and minimize risk. With its wisdom and unique perspective, this book will be of interest to both institutional investors and policymakers." -Dr. Mohamed A. El-Erian, President and CEO, Harvard Management Company, member of the faculty, Harvard Business School, and Deputy Treasurer, Harvard University "There's a reason Paul McCulley is a favorite among financial pros and journalists all over the world. He anticipates investment trends before they happen and helps both professional and amateur investors stay ahead of the curve. This is a must-read book for anyone who wants to build and protect their portfolio in the risky decades ahead." -Consuelo Mack, Anchor and Managing Editor, Consuelo Mack WealthTrack
Investment Management and Technology
Author: Zvi Bodie
Publisher:
Published: 2014
Total Pages: 31
ISBN-13:
DOWNLOAD EBOOKThis paper analyzes how the practice of investment management has been affected over the past 45 years by technological progress, market innovations, and advances in finance theory. Over the next few decades, as retirement-income systems around the world make the transition from quot;pay-as-you-goquot; social security to self-directed retirement accounts, the investment-management business is likely to undergo a radical transformation. There will be a growing demand for customized, integrated investment and insurance products. Financial engineering will play a major role in this transformation.
Winning at Active Management
Author: William W. Priest
Publisher: John Wiley & Sons
Published: 2016-07-25
Total Pages: 336
ISBN-13: 1119051827
DOWNLOAD EBOOKWinning 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. Bill Priest, Steve Bleiberg and Mike Welhoelter all experienced investment professionals, consider the challenges of managing portfolios through complex markets, as well as managing the cultural and technological complexities of the investment business. The book’s initial section highlights the importance of culture within an investment firm – the characteristics of strong cultures, the imperatives of communication and support, and suggestions for leading firms through times of both adversity and prosperity. It continues with a thorough discussion of active portfolio management for equities. The ongoing debate over active versus passive management is reviewed in detail, drawing on both financial theory and real-world investing results. The book also contrasts traditional methods of portfolio management, based on accounting metrics and price-earnings ratios, with Epoch Investment Partners’ philosophy of investing on free cash flow and appropriate capital allocation. Winning at Active Management closes with an inquiry into the crucial and growing role of technology in investing. The authors assert that the most effective portfolio strategies result from neither pure fundamental nor quantitative methods, but instead from thoughtful combinations of analyst and portfolio manager experience and skill with the speed and breadth of quantitative analysis. The authors illustrate the point with an example of an innovative Epoch equity strategy based on economic logic and judgment, but enabled by information technology. Winning at Active Management also offers important insights into selecting active managers – the market cycle factors that have held back many managers’ performance in recent years, and the difficulty of identifying those firms that truly possess investment skill. Drawing on behavioral economic theory and empirical research, the book makes a convincing case that many active investment managers can and do generate returns superior to those of the broad market.
Asymmetric Returns
Author: Alexander M. Ineichen
Publisher: John Wiley & Sons
Published: 2011-07-12
Total Pages: 383
ISBN-13: 1118160606
DOWNLOAD EBOOKIn Asymmetric Returns, financial expert Alexander Ineichen elevates the critical discussion about alpha versus beta and absolute returns versus relative returns. He argues that controlling downside volatility is a key element in asset management if sustainable positive compounding of capital and financial survival are major objectives. Achieving sustainable positive absolute returns are the result of taking and managing risk wisely, that is, an active risk management process where risk is defined in absolute terms and changes in the market place are accounted for. The result of an active risk management process-when successful-is an asymmetric return profile, that is, more and higher returns on the upside and fewer and lower returns on the downside. Ineichen claims that achieving Asymmetric Returns is the future of active asset management. Alexander M. Ineichen, CFA, CAIA, is Managing Director and Senior Investment Officer for the Alternative Investment Solutions team, a key provider within Alternative and Quantitative Investments, itself a business within UBS Global Asset Management. He is also on the Board of Directors of the Chartered Alternative Investment Analyst Association (CAIAA). Ineichen is the author of the two UBS research publications In Search of Alpha—Investing in Hedge Funds (October 2000) and The Search for Alpha Continues—Do Fund of Hedge Funds Add Value? (September 2001). As of 2006 these two reports were the most often printed research papers in the documented history of UBS. He is also author of the widely popular Absolute Returns—The Risk and Opportunities of Hedge Fund Investing, also published by John Wiley & Sons.
The New Wealth Management
Author: Harold Evensky
Publisher: John Wiley & Sons
Published: 2011-05-03
Total Pages: 480
ISBN-13: 0470624000
DOWNLOAD EBOOKMainstay reference guide for wealth management, newly updated for today's investment landscape For over a decade, The New Wealth Management: The Financial Advisor's Guide to Managing and Investing Client Assets has provided financial planners with detailed, step-by-step guidance on developing an optimal asset allocation policy for their clients. And, it did so without resorting to simplistic model portfolios, such as lifecycle models or black box solutions. Today, while The New Wealth Management still provides a thorough background on investment theories, and includes many ready to use client presentations and questionnaires, the guide is newly updated to meet twenty-first century investment challenges. The book Includes expert updates from Chartered Financial Analyst (CFA) Institute, in addition to the core text of 1997's first edition – endorsed by investment luminaries Charles Schwab and John Bogle Presents an approach that places achieving client objectives ahead of investment vehicles Applicable for self-study or classroom use Now, as in 1997, The New Wealth Management effectively blends investment theory and real world applications. And in today's new investment landscaped, this update to the classic reference is more important than ever.
Managing the Future
Author: Stephen M. Millett
Publisher: Triarchy Press
Published: 2011-11-30
Total Pages: 288
ISBN-13: 1909470007
DOWNLOAD EBOOKA guide to forecasting and strategic planning for organizations
