Practical analysis for investment professionals

active management


The Active-Pricing Conundrum in European Funds

European active managers look suspiciously expensive in comparison to their passive counterparts and are reflexively trying to justify or modify their prices. Chris Chancellor, CFA, explores some of their innovative new pricing strategies.

Weekend Reads for Investors: On the Road Edition

Risk intelligence, the importance of meditation for investment pros, and dynamical dark energy are just some of the topics covered in this week's Weekend Reads for Investors, curated by Jason Voss, CFA.

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.

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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