{"product_id":"successful-investing-is-a-process-structuring-efficient-portfolios-for-outperformance-hardback-9781118459904","title":"Successful Investing Is a Process; Structuring Efficient Portfolios for Outperformance (Hardback) 9781118459904","description":"\u003cfont face=\"Georgia\"\u003e\r\n\u003cp\u003e\u003cfont size=\"6\"\u003eSuccessful Investing Is a Process\u003c\/font\u003e\u003cbr\u003e\r\n\u003cfont size=\"5\"\u003eStructuring Efficient Portfolios for Outperformance\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\r\n\r\n\u003cp\u003e\u003cfont size=\"4\"\u003eJacques Lussier (Author)\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e9781118459904, Wiley\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003eHardback, published 15 March 2013\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e384 pages\u003cbr\u003e25.4 x 18.3 x 3.3 cm, 0.862 kg\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\r\n\r\n\r\n\u003cp align=\"justify\"\u003e\u003cstrong\u003e\u003cfont size=\"3\"\u003e\u003cb\u003eA process-driven approach to investment management that lets you achieve the same high gains as the most successful portfolio managers, but at half the cost\u003c\/b\u003e  \u003cp\u003eWhat do you pay for when you hire a portfolio manager? Is it his or her unique experience and expertise, a set of specialized analytical skills possessed by only a few? The truth, according to industry insider Jacques Lussier, is that, despite their often grandiose claims, most successful investment managers, themselves, can't properly explain their successes. In this book Lussier argues convincingly that most of the gains achieved by professional portfolio managers can be accounted for not by special knowledge or arcane analytical methodologies, but proper portfolio management processes whether they are aware of this or not. More importantly, Lussier lays out a formal process-oriented approach proven to consistently garner most of the excess gains generated by traditional analysis-intensive approaches, but at a fraction of the cost since it could be fully implemented internally.\u003c\/p\u003e \u003cul\u003e \u003cli\u003eProfit from more than a half-century's theoretical and empirical literature, as well as the author's own experiences as a top investment strategist\u003c\/li\u003e \u003cli\u003eLearn an approach, combining several formal management processes, that simplifies portfolio management and makes its underlying qualities more transparent, while lowering costs significantly\u003c\/li\u003e \u003cli\u003eDiscover proven methods for exploiting the inefficiencies of traditional benchmarks, as well as the behavioral biases of investors and corporate management, for consistently high returns\u003c\/li\u003e \u003cli\u003eLearn to use highly-efficient portfolio management and rebalancing methodologies and an approach to diversification that yields returns far greater than traditional investment programs\u003c\/li\u003e \u003c\/ul\u003e\u003c\/font\u003e\u003c\/strong\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e\u003cp\u003eAcknowledgments ix\u003c\/p\u003e \u003cp\u003ePreface xi\u003c\/p\u003e \u003cp\u003eIntroduction 1\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART I: THE ACTIVE MANAGEMENT BUSINESS 5\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 1: The Economics of Active Management 7\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eUnderstanding Active Management 8\u003c\/p\u003e \u003cp\u003eEvidence on the Relative Performance of Active Managers 12\u003c\/p\u003e \u003cp\u003eRelevance of Funds’ Performance Measures 15\u003c\/p\u003e \u003cp\u003eClosing Remarks 17\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 2: What Factors Drive Performance? 21\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eImplications of Long Performance Cycles and Management Styles 22\u003c\/p\u003e \u003cp\u003eAbility to Identify Performing Managers 28\u003c\/p\u003e \u003cp\u003eReplicating the Performance of Mutual Fund Managers 32\u003c\/p\u003e \u003cp\u003eClosing Remarks 35\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 3: Outperforming Which Index? 39\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePurpose and Diversity of Financial Indices 40\u003c\/p\u003e \u003cp\u003eBuilding an Index 41\u003c\/p\u003e \u003cp\u003eAre Cap-Weight Indices Desirable? 43\u003c\/p\u003e \u003cp\u003eAlternatives to Cap-Weight Indices and Implications 44\u003c\/p\u003e \u003cp\u003eClosing Remarks 48\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART II: UNDERSTANDING THE DYNAMICS OF PORTFOLIO ALLOCATION AND ASSET PRICING 51\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 4: The Four Basic Dimensions of An Efficient Allocation Process 53\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFirst Dimension: Understanding Volatility 54\u003c\/p\u003e \u003cp\u003eSecond Dimension: Increasing the ARI Mean 68\u003c\/p\u003e \u003cp\u003eThird Dimension: Efficiently Maximizing GEO Mean Tax 69\u003c\/p\u003e \u003cp\u003eFourth Dimension: Accounting for Objectives and Constraints 70\u003c\/p\u003e \u003cp\u003eClosing Remarks 71\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 5: A Basic Understanding of Asset Valuation and Pricing Dynamics 75\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDeterminants of Interest Rates 76\u003c\/p\u003e \u003cp\u003eDeterminants of Equity Prices 80\u003c\/p\u003e \u003cp\u003eHistorical Returns as a Predictor 86\u003c\/p\u003e \u003cp\u003eOther Predictors 91\u003c\/p\u003e \u003cp\u003eReview of Predictors 107\u003c\/p\u003e \u003cp\u003eClosing Remarks 108\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART III: THE COMPONENTS OF AN EFFICIENT PORTFOLIO-ASSEMBLY PROCESS 113\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 6: Understanding Nonmarket-Cap Investment Protocols 115\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eRisk-Based Protocols 115\u003c\/p\u003e \u003cp\u003eFundamental Protocols 128\u003c\/p\u003e \u003cp\u003e(Risk) Factor Protocols 135\u003c\/p\u003e \u003cp\u003eComparing and Analyzing Protocols 142\u003c\/p\u003e \u003cp\u003eBridging the Gaps and Improving on the Existing Literature 144\u003c\/p\u003e \u003cp\u003eA Test of Several Investment Protocols 148\u003c\/p\u003e \u003cp\u003eClosing Remarks 157\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 7: Portfolio Rebalancing and Asset Allocation 161\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction to Portfolio Rebalancing 161\u003c\/p\u003e \u003cp\u003eThe Empirical Literature on Rebalancing 170\u003c\/p\u003e \u003cp\u003eA Comprehensive Survey of Standard Rebalancing Methodologies 175\u003c\/p\u003e \u003cp\u003eAsset Allocation and Risk Premium Diversification 179\u003c\/p\u003e \u003cp\u003eVolatility and Tail Risk Management 190\u003c\/p\u003e \u003cp\u003eVolatility Management versus Portfolio Insurance 197\u003c\/p\u003e \u003cp\u003eClosing Remarks 199\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 8: Incorporating Diversifiers 203\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFair Fees 204\u003c\/p\u003e \u003cp\u003eRisk Premium and Diversification 205\u003c\/p\u003e \u003cp\u003eCommodities as a Diversifier 208\u003c\/p\u003e \u003cp\u003eCurencies as a Diversifier 228\u003c\/p\u003e \u003cp\u003ePrivate Market Assets as a Diversifier 244\u003c\/p\u003e \u003cp\u003eClosing Remarks 250\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 9: Allocation Process and Efficient Tax Management 255\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTaxation Issues for Individual Investors 256\u003c\/p\u003e \u003cp\u003eComponents of Investment Returns, Asset Location, Death and Taxes 257\u003c\/p\u003e \u003cp\u003eTax-Exempt, Tax-Deferred, Taxable Accounts and Asset Allocation 260\u003c\/p\u003e \u003cp\u003eCapital Gains Management and Tax-Loss Harvesting 276\u003c\/p\u003e \u003cp\u003eIs It Optimal to Postpone Net Capital Gains? 280\u003c\/p\u003e \u003cp\u003eCase Study 1: The Impact of Tax-Efficient Investment Planning 289\u003c\/p\u003e \u003cp\u003eCase Study 2: Efficient Investment Protocols and Tax Efficiency 291\u003c\/p\u003e \u003cp\u003eClosing Remarks 293\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART IV: CREATING AN INTEGRATED PORTFOLIO MANAGEMENT PROCESS 295\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 10: Understanding Liability-Driven Investing 297\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eUnderstanding Duration Risk 298\u003c\/p\u003e \u003cp\u003eEquity Duration 303\u003c\/p\u003e \u003cp\u003eHedging Inflation 307\u003c\/p\u003e \u003cp\u003eBuilding a Liability-Driven Portfolio Management Process 310\u003c\/p\u003e \u003cp\u003eWhy Does Tracking Error Increase in Stressed Markets? 312\u003c\/p\u003e \u003cp\u003eImpact of Managing Volatility in Different Economic Regimes 314\u003c\/p\u003e \u003cp\u003eIncorporating More Efficient Asset Components 320\u003c\/p\u003e \u003cp\u003eIncorporating Illiquid Components 322\u003c\/p\u003e \u003cp\u003eRole of Investment-Grade Fixed-Income Assets 323\u003c\/p\u003e \u003cp\u003eIncorporating Liabilities 324\u003c\/p\u003e \u003cp\u003eIncorporating an Objective Function 325\u003c\/p\u003e \u003cp\u003eCase Study 326\u003c\/p\u003e \u003cp\u003eAllocating in the Context of Liabilities 331\u003c\/p\u003e \u003cp\u003eClosing Remarks 335\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 11: Conclusion and Case Studies 337\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCase Studies: Portfolio Components, Methodology and Performance 340\u003c\/p\u003e \u003cp\u003eConclusion 349\u003c\/p\u003e \u003cp\u003eBibliography 351\u003c\/p\u003e \u003cp\u003eIndex 361\u003c\/p\u003e\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003eSubject Areas: Finance \u0026amp; accounting [\u003ca title=\"See our other books on Finance \u0026amp; accounting\" href=\"https:\/\/freshlyprintedbooks.co.uk\/search?q=%22Finance%20\u0026amp;%20accounting%20%5BKF%5D%22\"\u003eKF\u003c\/a\u003e]\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\u003c\/font\u003e","brand":"Bloomberg Press","offers":[{"title":"Brand New","offer_id":52173808271640,"sku":"9781118459904","price":37.89,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0730\/2037\/5320\/files\/9781118459904.jpg?v=1781172937","url":"https:\/\/freshlyprintedbooks.co.uk\/products\/successful-investing-is-a-process-structuring-efficient-portfolios-for-outperformance-hardback-9781118459904","provider":"Freshly Printed Books","version":"1.0","type":"link"}