Active Investing in the Age of Disruption, The Confluence of Central Bank Intervention and Technology Acceleration by Jones, Evan L. -- Read -- Imperial Library of Trantor

Index

COVER TABLE OF CONTENTS ABOUT THE AUTHOR ACKNOWLEDGMENTS PREFACE PART I: MARKET ENVIRONMENT: THE 2010S AND 2020S

CHAPTER 1: CHALLENGES TO ACTIVE INVESTING

Active investing alpha has been falling Self-reinforcing cycle driving poor performance Why do these forces pressure investment decisions? Key investment tenets

CHAPTER 2: GLOBAL CENTRAL BANK INTERVENTION

Unprecedented global central bank intervention Fundamental investing overwhelmed by central bank intervention Low rates and the US consumer

CHAPTER 3: ACCELERATED PACE OF TECHNOLOGY = DISRUPTION

Innovation adoption tipping point Innovation and Financial Capital Outperformance potential with unprofitable but disruptive companies? Private markets overheating? Contrarianism and paradigm shifts

CHAPTER 4: PASSIVE INVESTING

Factor investing How far can passive investing go? Are the losers quitting the game? Financial product creation and passive alternatives

CHAPTER 5: THE 2020S

Economic drivers of the 2020s Continuation of technology-driven disruption American dream Populism The biggest downside risk: Loss of faith in central banks Consequences for active investing Is value investing dead?

PART II: CREATING ALPHA

CHAPTER 6: A COHESIVE STRATEGY

Aligning pieces of the puzzle Benchmarks and security selection universes that are too narrow or broad Diversification and performance goals Assets under management (AUM) relationship to strategy Matching the time horizon of the strategy to the investor base Fees in relation to the strategy return potential Shorting and your strategy Academic analysis and investment reality Firm incentives Executing the strategy

CHAPTER 7: INVESTMENT PROCESS

Process evolves; it is not stagnant Functions served by process Documenting and memory Investment thesis Deep work: Trying to avoid the noise Channel checks Management meetings Systems and technology

CHAPTER 8: SECURITY SELECTION

Superior business models Idea generation: Top down to narrow the universe Timing business cycles Roll-up acquisition strategy Other types of companies to be wary of What to look for in a company: Sales growth What to look for in a company: Operating margins What to look for in a company: Market power sustainability Management teams Being contrarian and time horizon

CHAPTER 9: VALUATION

Importance of valuation in fundamental versus value investing Fundamental investing: Big picture Owner's yield Free cash flow as an important metric Company balance sheet leverage Price target creation and channels

CHAPTER 10: CAPITAL ALLOCATION

CHAPTER 11: PORTFOLIO MANAGEMENT

Portfolio construction: Top down Portfolio construction: Bottom up Gross and net exposures Market timing Portfolio risk Equity factors and your portfolio Volatility and behavioral mistakes Managing individual portfolio positions Portfolio rebalancing Conviction and portfolio management Managing individual portfolio positions and behavioral pitfalls Trading Options

CHAPTER 12: SHORT INVESTING

Why manage a short portfolio? The shorting paradigm and short portfolio management Quantitatively the risk reward ratio is different Short security selection

PART III: THE BIGGER PICTURE

CHAPTER 13: GOAL CONGRUENCE, FIDUCIARY RESPONSIBILITY, AND LEARNING

Executive compensation and board structure Assets under management (AUM) and fee structures Corporate acquisition conflicts Country regulatory issues Learning

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