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EULA
by John Keefe, Michael A. Welhoelter, Steven D. Bleiberg, William W. Priest
Winning at Active Management
Preface: Active Management is Not Dead Yet
Notes
PART I: Culture
Chapter 1: Culture at the Core
The Original Organizational Culture: Command-and-Control
An Alternative Culture for Knowledge Businesses
The Partnership Culture Model
Justice and Fairness
Notes
Chapter 2: Culture in Investment Management
Values
Integrity
Trust
Culture and Clients
Firm Culture under Stress
Culture in Recruiting
Acquisitions
Evolution of Culture
Notes
PART II: Philosophy and Methodology
Note
Chapter 3: The Nature of Equity Returns
Linkages: The Real Economy and the Financial Economy
Components of Stock Returns
Price-Earnings Ratios
The Historical Makeup of Stock Returns
Notes
Chapter 4: The Great Investment Debate: Active or Passive Management?
The Debate Is Timeless
An Elegant Theory: The Capital Asset Pricing Model
Further Elegance: The Efficient Market Hypothesis
Reality Intrudes
The Problem with MPT
Notes
Chapter 5: A More Human Description of Investors and Markets: Behavioral Finance
Loss Aversion
Mental Accounting
Minimizing Regret
Overconfidence
Extrapolation and Reversal
Investor Behavior in Action
MPT Still Lives
Notes
Chapter 6: Active versus Passive Management: The Empirical Case
Market Regimes
Correlation and Dispersion
Company Quality
The Weight of Cash
Luck versus Skill
Investors Voting with Their Dollars
Notes
Chapter 7: The Case for Active Management
April 2015: Investment Giants Square Off in New York City
An Active-Passive Equilibrium
The Case for Active Management
Notes
Chapter 8: Debates on Active Managers’ Styles and Methods
Manager Style
Free Cash Flow Is the Measure of Value
Depreciation
Accruals
Research and Development Costs
The CFO Perspective
Notes
Chapter 9: The Jump from Company Earnings to Stock Prices
Flaws in Traditional Valuation Measures
Accounting versus Finance: A Case Study
Notes
Chapter 10: Epoch’s Investment Philosophy
The Starting Point: Generating Free Cash Flow
Choosing to Reinvest
Capital Investment: Returns and Capital Costs
Once More: Cash Flow-Based Measures Are Superior
Trends in Capital Allocation
Dividends
Share Repurchases
Debt Buydowns
Capital Allocation: What’s the Right Mix?
Notes
PART III: Technology
Notes
Chapter 11: High-Speed Technology
Information Technology: Three Relentless Forces
Notes
Chapter 12: Technology in Investing
Information at Work
Order from Chaos: Applying Scientific Frameworks
Computers to the Rescue
A Virtuous Circle
Expansion of Index Funds
Betting Against the CAPM
Concurrent Developments
The Spread of Quant
Computing and Data, Neck and Neck
Big Data—Beyond Bloomberg
Artificial Intelligence
Notes
Chapter 13: The Epoch Core Model
Factors in the Epoch Core Model
Results of the Epoch Core Model
Notes
Chapter 14: Racing with the Machine
Investing Is Too Important for Robots Alone
Racing with the Machine
Seeking High Return on Capital
A More Practical Study
Is Persistence Contradictory?
An ROIC Strategy
The Value of Judgment
Notes
Epilogue
Notes
Appendix A: Selected Articles and White Papers of Epoch Investment Partners
The Canary in the Coal Mine: Subprime Mortgages, Mortgage-Backed Securities, and the US Housing Bust
The Financial Crisis: A “Whodunit” Perspective
The Power of Zero + The Power of the Word
Appendix B: Financial Asset Valuation
Bonds—A Basic Case
Stock Valuation through Cash Flows
Notes
Appendix C: Feathered Feast: A Case
Feathered Feast: A Case
Acknowledgements
About the Authors
Index
EULA
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