Practical analysis for investment professionals

active management


Top Five Articles from June: Blockchain, Shiller vs. Siegel, and Shooting Par

Larry Cao, CFA, discusses Campbell R. Harvey's definition of blockchain; Lauren Foster describes the continuing debate between Robert J. Shiller and Jeremy Siegel; Dougal Williams, CFA, suggests investors focus on shooting par in the investment market; Martin Fridson, CFA, reviews The End of Accounting and the Path Forward for Investors and Managers; and Mimmi Kheddache Jendeby provides some investing lessons from Epictetus, in the top Enterprising Investor posts from June.

Book Review: Concentrated Investing

Sharing insights from top value investors, the authors discuss the strategies that make concentrated value investing profitable while revealing how to reduce and manage risk over time.

Beat the Field by Shooting Par

"What if, instead of trying to beat the market, investors focused on outperforming other investors by earning investing’s equivalent to par?" asks Dougal Williams, CFA.

Book Review: Efficiently Inefficient

The author provides a thorough guide to the key trading strategies used by hedge funds and offers an overview of active management. He also explains such diverse approaches as quantitative, macro, dedicated short bias, and many more.

C. Thomas Howard: “View the Markets as They Are”

C. Thomas Howard, an opponent of the efficient markets hypothesis, advocates for a radical departure from the idea of diversification at the core of a healthy portfolio.

The Active Equity Renaissance: Renaissance Investment Management Firms

The primary focus of the renaissance investment management firm is delivering the best possible investment performance, not on scaling for scaling’s sake, C. Thomas Howard and Jason Voss, CFA, explain in the latest entry in The Active Equity Renaissance series.

The Active Equity Renaissance: Renaissance Portfolio Management

Dismantling the finance industry’s closet indexing factory is a critical step in The Active Equity Renaissance, C. Thomas Howard and Jason Voss, CFA, observe.

Weekend Reads for Investors: Tread Water Edition

Jason Voss, CFA provides his selections for Weekend Reads for Investors. This week's stories are critical of finance's love of squishy statistics, employers that keep their talented employees down, and the usefulness of GDP as an economic measure.

The Active Equity Renaissance: New Frontiers of Risk

One modern portfolio theory (MPT) pillar that is unquestionably broken is the use of volatility, specifically standard deviation, as a measure of risk, Jason Voss, CFA, and C. Thomas Howard write in the latest edition of The Active Equity Renaissance series. This initial error in MPT's development is a major contributor to active investment management underperformance.

The Active Equity Renaissance: Understanding the Cult of Emotion

“I know you are afraid and you should be afraid. I will invest you in products that will not stir up your fears." This sentiment is applied over and over again in the investment industry in one form or another, by the "Cult of Emotion."



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