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William W. Priest - Winning at Active Management: The Essential Roles of Culture, Philosophy, and Technology

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William W. Priest Winning at Active Management: The Essential Roles of Culture, Philosophy, and Technology

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Winning at Active Management conducts an in-depth examination of crucial issues facing the investment management industry, and will be a valuable resource for asset managers, institutional consultants, managers of pension and endowment funds, and advisers to individual investors. Bill Priest, Steve Bleiberg and Mike Welhoelter all experienced investment professionals, consider the challenges of managing portfolios through complex markets, as well as managing the cultural and technological complexities of the investment business.

The books initial section highlights the importance of culture within an investment firm the characteristics of strong cultures, the imperatives of communication and support, and suggestions for leading firms through times of both adversity and prosperity.

It continues with a thorough discussion of active portfolio management for equities. The ongoing debate over active versus passive management is reviewed in detail, drawing on both financial theory and real-world investing results. The book also contrasts traditional methods of portfolio management, based on accounting metrics and price-earnings ratios, with Epoch Investment Partners philosophy of investing on free cash flow and appropriate capital allocation.

Winning at Active Management closes with an inquiry into the crucial and growing role of technology in investing. The authors assert that the most effective portfolio strategies result from neither pure fundamental nor quantitative methods, but instead from thoughtful combinations of analyst and portfolio manager experience and skill with the speed and breadth of quantitative analysis. The authors illustrate the point with an example of an innovative Epoch equity strategy based on economic logic and judgment, but enabled by information technology.

Winning at Active Management also offers important insights into selecting active managers the market cycle factors that have held back many managers performance in recent years, and the difficulty of identifying those firms that truly possess investment skill. Drawing on behavioral economic theory and empirical research, the book makes a convincing case that many active investment managers can and do generate returns superior to those of the broad market.

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Further praise for Winning at Active Management The chances of success in - photo 1

Further praise for Winning at Active Management

The chances of success in fund management, as in professional sports coaching, are inversely proportional to time. The longer you are in the game, the greater your chance of having a poor run over a measurable window (say, three years), and involuntarily exiting the field. So the thoughts of a manager with 50 years' experience are worth reading. This book, unlike many written by active managers, does not claim to have found El Dorado and a path to untold riches; indeed, it acknowledges that passive investment may be appropriate for some applications.

The reason Bill has succeeded for so long comes across well in his and his co-authors' approach to culture, and in their dismissal of the Price-Earnings Ratio a figure that whilst discredited, and never used in private markets, remains a mainstay of most active managers' processes. Economies and markets do not stand still, and yet many active and quant managers believe that what worked before will work again without the need to change and evolve their processes. It is in this area, more than any other, that 50 years of experience is invaluable.

Robert Waugh
Chief Investment Officer
The Royal Bank of Scotland Group

One of the most difficult aspects of consulting to institutional investors is finding active investment managers who will produce consistent results over a long period. While an investment process that is both sound and repeatable across different market environments is critical, it is insufficient unless implemented in a thoughtful way by an investment team that possesses the skills and values, and is offered the right incentives, to make optimal investment decisions. To my mind, a firm's leadership must inculcate and manage this sort of culture within the entire team in order to remain successful over a long period, and the first part of this book highlights that cultural challenge.

Technology has become a game changer in the investment industry, and the organizations that apply it most effectively will be the long term winners. Given the incredible amount of information that is now available, winnowing the critical insights to a manageable amount and sharing them among the investment team has become essential to an investor's success. In addition, using technology to better understand the factors behind market behavior can help an investment firm to evaluate its own performance. Again, the book speaks effectively of the need to make better use of technology within all parts of the investment industry.

David Service
Director, Investment Consulting
Willis Towers Watson
(Retired)

Bill Priest, a leading practitioner of free cash flow-based investing, explains why that philosophy has been so successful. And much more: he and his co-authors tackle the most difficult issue in the investment management business culture and demonstrate how to maintain it in challenging periods. The book also addresses the industry's latest challenge, the proliferation of quantitative algorithms in every corner of the investment world, and describes how the value of judgment has increased as machines have come to exploit the short-term relationships that can be tested. Recommended reading for this generation of investors, and the next one.

Michael Goldstein
Managing Partner
Empirical Research Partners

Cover image: Maxiphoto/Getty Images, Inc.
Cover design: Wiley

Copyright 2016 by William W. Priest. All rights reserved.

Published by John Wiley & Sons, Inc., Hoboken, New Jersey.
Published simultaneously in Canada.

No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, (978) 750-8400, fax (978) 646-8600, or on the Web at www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748-6011, fax (201) 748-6008, or online at www.wiley.com/go/permissions.

Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended by sales representatives or written sales materials. The advice and strategies contained herein may not be suitable for your situation. You should consult with a professional where appropriate. Neither the publisher nor author shall be liable for any loss of profit or any other commercial damages, including but not limited to special, incidental, consequential, or other damages.

For general information on our other products and services or for technical support, please contact our Customer Care Department within the United States at (800) 762-2974, outside the United States at (317) 572-3993 or fax (317) 572-4002.

Wiley publishes in a variety of print and electronic formats and by print-on-demand. Some material included with standard print versions of this book may not be included in e-books or in print-on-demand. If this book refers to media such as a CD or DVD that is not included in the version you purchased, you may download this material at http://booksupport.wiley.com. For more information about Wiley products, visit www.wiley.com.

Library of Congress Cataloging-in-Publication Data:

ISBN 9781119051824 (Hardcover)

ISBN 9781119051770 (ePDF)

ISBN 9781119051909 (ePub)

To Jack L. Treynor the Albert Einstein of Finance, a man
of great principle, a co-author, and a friend, from whom I
learned more finance and economics than any other person.

And to my family wife Katherine, Jeff, Karen, Amanda,
Jack, Jacob, Hayley, Spencer, Joan, and Steve, who provide
support, questions, and the occasional what in the world
were you thinking! William W. Priest

To Terri, Ben, Katie, and Ellie, and to my father,
Lawrence Bleiberg, in whose footsteps
I have followed Steven D. Bleiberg

To my wife, Leslie, and my children, Christopher, Megan,
and Lindsay Michael A. Welhoelter

Preface
Active Management is Not Dead Yet

During a writing project like this one, once the key ideas are established, a question nags at the authors: What should we call it? Early on we came up with a working title Not Dead Yet. It was meant as a tongue-in-cheek response to the stream of reports over the past few years on the decline of active management of equity portfolios flowing from financial journalists and market observersas well as the marketers of index funds, exchange-traded funds and other products that compete with actively managed strategies. To an extent, they make a valid point: the performance of active managers as a group has been less than desired. But there are several reasons to explain managers underperformance: some are cyclical, as markets of recent years have been affected by new sorts of macro influences, while others are secular, and related to how managers carry out their investment processes (Chapter 6).

However, the markets have not changed inalterably, at least not in our view. The essence of active management is a well-designed investment process that measures the relative value of individual stocks, and takes advantage of the many mispricings that result from less-than-optimal actions of investors, both individuals and professionals (Chapter 5). Granted, the stock market may have become harder for many managers to beat for several years. But inefficiencies in the pricing of stocks are timeless, and we believe that active equity management still works, and that the best managers can deliver excellent performance over the long term (Chapter 7).

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