{"product_id":"active-investing-in-the-age-of-disruption-isbn-9781119688082","title":"Active Investing in the Age of Disruption","description":"\u003cp\u003eOutperforming the market—or “alpha creation” as it’s sometimes called—is very possible with the proper investment discipline and methodologies. But the market-beating strategies that will work today are not the same as those that worked in the past. \u003c\/p\u003e \u003cp\u003eCentral bank intervention and the accelerated pace of technology have caused an increase in the disruption of traditional business models across many industries. These industry paradigm shifts combined with macro-driven financial markets have created one of the toughest environments for active investment managers in history. \u003ci\u003eActive Investing in the Age of Disruption \u003c\/i\u003edetails the disruptive forces in the market today and how to navigate them to outperform. \u003c\/p\u003e \u003cp\u003eThis book discusses winning equity investment strategies with lofty goals of alpha creation. Understanding the limits and potential of each unique investment methodology and portfolio strategy will allow you to generate higher returns. Even when your luck runs out or the market works against you, the ideas and disciplined approach in this book will keep you one step ahead of the market.\u003c\/p\u003e \u003cp\u003e·       Understand the disruptive forces affecting the market today\u003c\/p\u003e \u003cp\u003e·       Discover equity investment strategies uniquely targeting alpha generation—beating the market\u003c\/p\u003e \u003cp\u003e·       Understand which features of active investing need to be implemented and stressed from a risk perspective to outperform the market\u003c\/p\u003e \u003cp\u003e·       Learn which previously solid investment tenets may no longer hold true in the age of market disruption\u003c\/p\u003e \u003cp\u003e·       Hone the craft of active investing—identify markets with the greatest profit potential, hedge against strategy limitations, and more\u003c\/p\u003e \u003cp\u003eIt has been a very tough decade for active investment managers, but this book will inspire you to think differently about risks and opportunity. A deeper understanding of the forces affecting the market and a commitment to refining your investment process using the techniques in this book will help you step across the margin of error between under and outperforming.\u003c\/p\u003e \u003cp\u003eAbout the Author vii\u003c\/p\u003e \u003cp\u003eAcknowledgments ix\u003c\/p\u003e \u003cp\u003ePreface xi\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart I Market Environment: The 2010s and 2020s\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChapter 1 Challenges to Active Investing 3\u003c\/p\u003e \u003cp\u003eChapter 2 Global Central Bank Intervention 15\u003c\/p\u003e \u003cp\u003eChapter 3 Accelerated Pace of Technology = Disruption 29\u003c\/p\u003e \u003cp\u003eChapter 4 Passive Investing 41\u003c\/p\u003e \u003cp\u003eChapter 5 The 2020s 51\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart II Creating Alpha\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChapter 6 A Cohesive Strategy 69\u003c\/p\u003e \u003cp\u003eChapter 7 Investment Process 81\u003c\/p\u003e \u003cp\u003eChapter 8 Security Selection 91\u003c\/p\u003e \u003cp\u003eChapter 9 Valuation 115\u003c\/p\u003e \u003cp\u003eChapter 10 Capital Allocation 127\u003c\/p\u003e \u003cp\u003eChapter 11 Portfolio Management 133\u003c\/p\u003e \u003cp\u003eChapter 12 Short Investing 157\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart III The Bigger Picture\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChapter 13 Goal Congruence, Fiduciary Responsibility, and Learning 173\u003c\/p\u003e \u003cp\u003eGlossary 181\u003c\/p\u003e \u003cp\u003eIndex 183\u003c\/p\u003e  \u003cp\u003e\u003cb\u003eEVAN L. JONES\u003c\/b\u003e currently manages the Direct Investments portfolio for Duke University's $18 billion endowment. Before joining Duke University, where he has taught Entrepreneurship and Investment Management for more than two decades, Jones was co-founder and portfolio manager of Brightleaf Capital, founder and CEO of TSI Soccer, and an investment banking analyst at Prudential- Bache Capital Funding in New York. He holds the Chartered Financial Analyst designation and an MBA from the University of North Carolina at Chapel Hill.   \u003c\/p\u003e\u003cp\u003eThe amount of data and research available to investors is overwhelming. Investment professionals are bombarded with hundreds of emails containing news and opinions on a daily basis. Television shows, podcasts, and investment blogs offer a constant stream of analysts, pundits, and executives offering their views on how to outperform the market. All of this information, almost exclusively focusing on the current point in time, is only of value to investors if they understand how, when, and where it will be used. For most non-professional investors, passive alternatives are usually the best option. However, dedicated professionals can benefit immensely from disciplined, effective active management. \u003c\/p\u003e\u003cp\u003e\u003ci\u003eActive Investing in the Age of Disruption\u003c\/i\u003e is designed to help investment managers, professional asset allocators, and sophisticated individual investors generate positive alpha. Providing an innovative, adaptive learning approach to active equity investment strategies, this book examines a range of investment methodologies that can be implemented to achieve predefined risk and desired return. \u003c\/p\u003e\u003cp\u003eWritten by the manager of Duke University's Direct Investments portfolio, this book offers insights on the investment process, examines the broader scope of the financial markets, and explains how the stream of data can be used to create superior results. Divided into three parts, the book first analyzes the challenges faced by active investment managers that arose in the last decade and explores how these challenges will affect the next ten years and beyond. Part two contains detailed coverage of the investment tenets and investment process necessary for creating alpha in the public equity markets, including security selection, valuation, and portfolio management. The final part looks at the bigger picture, focusing on goal congruence, fiduciary responsibility, and learning. \u003c\/p\u003e\u003cp\u003eBeating the market through active equity investing has never been more difficult: central bank intervention, macro-driven financial markets, and accelerating technologies are continuing to disrupt traditional business models across industries. The obstacles in the current environment will likely remain for some time, requiring investment managers to think differently about risks and opportunity. \u003ci\u003eActive Investing in the Age of Disruption\u003c\/i\u003e is an invaluable resource for refining the investment process and leveraging the alpha potential of different strategies for outperforming the market.   \u003c\/p\u003e\u003cp\u003ePraise for Active Investing in the Age of Disruption \u003c\/p\u003e\u003cp\u003e\"The performance of active managers has come under pressure over the past decade and value investing has underperformed expectations. Evan Jones not only reveals the drivers behind this underperformance but also creates a roadmap for generating future alpha. Jones has successfully integrated many of his key investment principles into our investment process at DUMAC which has led to long term outperformance. Whether you are launching a start-up hedge fund or have decades of investing experience, you'll find value in the insights amassed from his diverse background—entrepreneur to hedge fund manager to endowment investor.\"\u003cbr\u003e \u003cb\u003e—Neal Triplett,\u003c\/b\u003e Chief Investment Officer, Duke University Management Company (DUMAC) \u003c\/p\u003e\u003cp\u003e\"Thinking of giving up on active management? Don't. In this combination memoir and how-to manual, Evan Jones shows how technological innovation and changing economic policies create new alpha opportunities—some of them very large—even as old ones disappear. A compelling read, peppered with words of wisdom from great investors of the past and present.\"\u003cbr\u003e \u003cb\u003e—Laurence B. Siegel,\u003c\/b\u003e Gary P. Brinson Director of Research, CFA Institute Research Foundation; \tauthor of \u003ci\u003eFewer, Richer, Greener: Prospects for Humanity in an Age of Abundance\u003c\/i\u003e \u003c\/p\u003e\u003cp\u003e\"In the institutional investing world, already drowning in data and how-to tomes, it is refreshing to come upon a book that is insightful and accessible for practitioners of all levels of experience. Evan Jones has written just such a book. Investing for endowed institutions—serving both present and future generations—has become markedly more challenging in the 21st century. Jones lays out with clarity how we got where we are, what's important to know now, and what behaviors, practices, and principles are critical for investors and their clients to establish and live by in their quest for superior investment performance over the long term. A skilled practitioner experienced in long and short, active and passive, domestic and global, across multiple asset classes, Jones speaks with authority but in a straightforward manner with language that doesn't intimidate.\"\u003cbr\u003e \u003cb\u003e—Thruston Morton,\u003c\/b\u003e Founder, Global Endowment Management, LP \u003c\/p\u003e\u003cp\u003e\"Processing information is critical for driving strong investment returns. Historically, availability was an issue, but now the challenge is information overload. So how do investors process it all? Evan Jones solves this problem by providing a thoughtful adaptive learning approach to muffling the noise and focusing on what's relevant. As this dynamic continues to proliferate, his book will surely become increasingly valuable over time.\"\u003cbr\u003e \u003cb\u003e—Joshua Pearl,\u003c\/b\u003e Founder and CIO, Hickory Lane Capital Management LP; co-author of \u003ci\u003eThe Little Book of Investing Like the Pros\u003c\/i\u003e and \u003ci\u003eInvestment Banking\u003c\/i\u003e \u003c\/p\u003e\u003cp\u003e\"Evan Jones' \u003ci\u003eActive Investing in the Age of Disruption\u003c\/i\u003e reveals the secrets of how a successful endowment manager evaluates a portfolio manager and dissects their security selection and portfolio management process. This provides a useful template for allocators and high-net-worth individuals to use when evaluating potential investment managers, but also offers important insights to portfolio managers who are looking to raise capital from those same investors.\"\u003cbr\u003e \u003cb\u003e—Paul D. Sonkin,\u003c\/b\u003e former portfolio manager, The Hummingbird Value Fund and Gabelli Asset Management; co-author of \u003ci\u003ePitch the Perfect Investment\u003c\/i\u003e\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47988657684709,"sku":"NP9781119688082","price":29.95,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781119688082.jpg?v=1761781147","url":"https:\/\/k12savings.com\/products\/active-investing-in-the-age-of-disruption-isbn-9781119688082","provider":"K12savings","version":"1.0","type":"link"}