{"product_id":"investment-leadership-and-portfolio-management-isbn-9780470435403","title":"Investment Leadership and Portfolio Management","description":"\u003cp\u003eAn industry leader candidly examines the role of investment leadership in portfolio management\u003c\/p\u003e \u003cp\u003e\u003ci\u003eInvestment Leadership \u0026amp; Portfolio Management\u003c\/i\u003e provides a top down analysis of successful strategies, structures, and actions that create an environment that leads to strong macro investment performance and rewarding investor outcomes. By examining how to manage and lead an investment firm through successful investment decision-making processes and actions, this book reveals what it will take to succeed in a radically changed investment landscape. From firm governance and firm structure-for single capability, multi-capability, and investment and product firms-to culture, strategy, vision, and execution, authors Brian Singer, Barry Mandinach, and Greg Fedorinchik touch upon key topics including the differences between leading and managing; investment philosophy, process, and portfolio construction; communication and transparency; and ethics and integrity.\u003c\/p\u003e \u003cul\u003e \u003cli\u003eLeadership issues in investment firms are a serious concern, and this book addresses those concerns\u003c\/li\u003e \u003cli\u003eDetails the strong correlation between excellence in investment leadership and excellence in portfolio management\u003c\/li\u003e \u003cli\u003eWritten by a group of experienced professionals in the field, including the Chairman of the CFA Institute Board of Governors\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eUnderstanding how to operate in today's dynamic investment environment is critical. \u003ci\u003eInvestment Leadership \u0026amp; Portfolio Management\u003c\/i\u003e contains the insights and information needed to make significant strides in this dynamic arena.\u003c\/p\u003e \u003cp\u003ePreface xi\u003c\/p\u003e \u003cp\u003eAcknowledgments xvii\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 Characteristics of Successful Asset Management Firms 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eYou Can Take the Boy Out of the Culture, but You Can’t Take the Culture Out of the Boy 3\u003c\/p\u003e \u003cp\u003eSize Matters, but Not in the Way Most People Believe 7\u003c\/p\u003e \u003cp\u003eGovernance: The Guardian of an Investment-Driven Firm 12\u003c\/p\u003e \u003cp\u003eFostering Collaborative Freedom: Everybody is a Peer 19\u003c\/p\u003e \u003cp\u003eIntegrity: An Unquestionable Characteristic of Success 23\u003c\/p\u003e \u003cp\u003eConclusion 25\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 Building a Cathedral: A Framework for Turning the Mission into Collective Action 27\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eA Framework for Effective Leadership and Management 28\u003c\/p\u003e \u003cp\u003eEstablishing and Living Organizational Values 29\u003c\/p\u003e \u003cp\u003eCreating Mission and\/or Investment Philosophy Statements 31\u003c\/p\u003e \u003cp\u003eStrategic Goals and Key Performance Indicators 33\u003c\/p\u003e \u003cp\u003eConclusion 37\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 Building a Meritocracy: Understanding, Evaluating, and Rewarding Employee Contributions 39\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePerformance: A Deeper Dive 39\u003c\/p\u003e \u003cp\u003eHorizon: The Fallacy of the Three-Year Track Record 40\u003c\/p\u003e \u003cp\u003ePerformance Analysis: Practically Speaking 45\u003c\/p\u003e \u003cp\u003eTop-down and Bottom-up Approach to Determining Performance 48\u003c\/p\u003e \u003cp\u003eDesigning Your Rating System to Help Make the Difficult Decisions 51\u003c\/p\u003e \u003cp\u003eWhat Does the Performance Score Really Mean? 53\u003c\/p\u003e \u003cp\u003eCriticality: A Deeper Dive 53\u003c\/p\u003e \u003cp\u003eMerit Zones: Putting It All Together 57\u003c\/p\u003e \u003cp\u003eCommunication of Performance and Criticality 59\u003c\/p\u003e \u003cp\u003eValues and Compensation 64\u003c\/p\u003e \u003cp\u003eConclusion 67\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 Investment Philosophy and Process: A Lofty Cathedral Needs a Deep Foundation 69\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Importance of Investment Philosophy and Process in Investment Organizations 69\u003c\/p\u003e \u003cp\u003eInvestment Philosophy: Core Beliefs 70\u003c\/p\u003e \u003cp\u003eInvestment Process: Control and Anarchy 73\u003c\/p\u003e \u003cp\u003eAvoiding the Pitfalls of Behavioral Biases 78\u003c\/p\u003e \u003cp\u003eConclusion 83\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 Investment Process in an Evolving World 85\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eImplementation Overview: The “How” of the Investment Process 86\u003c\/p\u003e \u003cp\u003eFundamental Valuation 88\u003c\/p\u003e \u003cp\u003eMarket Behavior and How It Challenges the Fundamental Investor 90\u003c\/p\u003e \u003cp\u003eTeam Behavior: Lessons for the CIO from Jelly Beans and Freud 118\u003c\/p\u003e \u003cp\u003ePortfolio Design 127\u003c\/p\u003e \u003cp\u003eConclusion 129\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 Communication for Superior Client Outcomes 131\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Problem: Human Nature 133\u003c\/p\u003e \u003cp\u003eA Classic Tale 134\u003c\/p\u003e \u003cp\u003eCase 1: Individual Investors, the Impact of Performance Chasing 137\u003c\/p\u003e \u003cp\u003eCase 2: Are Institutional Investors the “Smart Money?” 137\u003c\/p\u003e \u003cp\u003eThe Reality of Investing in Equities 139\u003c\/p\u003e \u003cp\u003eThe Mathematics of Recovery 142\u003c\/p\u003e \u003cp\u003eDilemma: Investment Firm or Distribution Shop? 143\u003c\/p\u003e \u003cp\u003eThe Importance of Culture 145\u003c\/p\u003e \u003cp\u003eSales and Marketing in an Investment Firm 146\u003c\/p\u003e \u003cp\u003eConclusion 149\u003c\/p\u003e \u003cp\u003eAppendix: Client Communication in Extreme Market Conditions 149\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 Where are the Clients’ Yachts?: Reasonable Fee Structures 159\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe “Gamma Trade” 161\u003c\/p\u003e \u003cp\u003eAnatomy of a Blowup 167\u003c\/p\u003e \u003cp\u003eCatch 22 168\u003c\/p\u003e \u003cp\u003eFaults of Existing Fee Structures 170\u003c\/p\u003e \u003cp\u003eOur Recommendation: High Integrity Fee Structures 178\u003c\/p\u003e \u003cp\u003eConclusion 186\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 Final Thoughts 187\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCharacteristics of Great Asset Management Firms 188\u003c\/p\u003e \u003cp\u003eIt Starts with a Shared Mission and Values 188\u003c\/p\u003e \u003cp\u003eTrue Meritocracy 189\u003c\/p\u003e \u003cp\u003eAvoiding the Pitfalls 190\u003c\/p\u003e \u003cp\u003eFor Successful Client Outcomes: Communicate, Communicate, Communicate 192\u003c\/p\u003e \u003cp\u003eIt’s All about Incentives 193\u003c\/p\u003e \u003cp\u003eIntegrity 193\u003c\/p\u003e \u003cp\u003eNotes 195\u003c\/p\u003e \u003cp\u003eBibliography 201\u003c\/p\u003e \u003cp\u003eAbout the Authors 205\u003c\/p\u003e \u003cp\u003eIndex 207\u003c\/p\u003e  \u003cp\u003e\u003cb\u003eBRIAN SINGER\u003c\/b\u003e is Chief Investment Officer of Singer Partners and Chairman of the CFA Institute Board of Governors. Previously, he was head of global investment solutions at UBS Global Asset Management (formerly Brinson Partners, Inc.), responsible for asset allocation and currency strategies. Singer is also Emeritus Board Member of the Research Foundation of CFA Institute and an advisory board member of the Journal of Performance Measurement. He is a recipient of the 1991 Graham and Dodd Award and a 2001 recipient of the Dietz Award. Singer holds an MBA from the University of Chicago. \u003c\/p\u003e\u003cp\u003e\u003cb\u003eGREG FEDORINCHIK\u003c\/b\u003e is head of investor solutions at Mesirow Advanced Strategies, Inc., an institutional fund of hedge funds firm based in Chicago. Prior to joining Mesirow, he was a senior strategist with the global investment solutions team at UBS Global Asset Management (formerly Brinson Partners, Inc.) and a member of the asset allocation and currency committee. Fedorinchik holds an MBA from the Kellogg School of Management, Northwestern University.   \u003c\/p\u003e\u003cp\u003eThe new breed of investment professional knows that there is a strong correlation between excellence in investment leadership and excellence in portfolio management—and in this book, a group of experienced investment industry experts puts this paradigm in perspective. \u003c\/p\u003e\u003cp\u003eInvestment Leadership and Portfolio Management provides a top-down analysis of successful strategies, structures, and actions that create an environment for generating strong investment performance and, most importantly, delivering rewarding investor outcomes. By examining how to manage and lead an investment firm through successful investment decision-making processes, this reliable resource reveals what it takes to excel in a radically changed investment environment. Additionally, it includes informative case studies of the approach in action, so you can see the real applications of the ideas addressed throughout these pages. \u003c\/p\u003e\u003cp\u003eFrom firm governance and structure for investment and product firms to culture, strategy, vision, and execution, authors Brian Singer—Chairman of the CFA Institute Board of Governors—and Greg Fedorinchik touch upon pressing issues, including the differences between leading and managing; investment philosophy, process, and portfolio construction; communication and transparency; and ethics and integrity. Along the way, you'll also become familiar with: \u003c\/p\u003e\u003cul\u003e \u003cli\u003eThe role of behavioral biases and market behavior analysis in the investment decision-making process\u003c\/li\u003e \u003cli\u003eThe appropriate incentive structures and fee models for asset management firms\u003c\/li\u003e \u003cli\u003eThe practical considerations required for living organizational values, setting goals, and measuring organizational success\u003c\/li\u003e \u003cli\u003eThe details involved in developing a meritocratic investment process that rewards individual contributions\u003c\/li\u003e \u003cli\u003eAnd much more\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eThere is no one-size-fits-all approach to leading a diverse group of intelligent individuals and the firms they represent. However, there are a few best practices and rules that can make the task a more manageable one. With the ideas articulated in Investment Leadership and Portfolio Management, you'll gain a better understanding of how to effectively operate within today's competitive investment industry and achieve a significant level of success.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989474787557,"sku":"NP9780470435403","price":60.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780470435403.jpg?v=1761784247","url":"https:\/\/k12savings.com\/es\/products\/investment-leadership-and-portfolio-management-isbn-9780470435403","provider":"K12savings","version":"1.0","type":"link"}