Table of Contents

  1. Cover
  2. Title Page
  3. Copyright
  4. Dedication
    1. Notes
  5. Foreword
  6. Note on the Text
  7. Introduction
  8. 1 The Changing Game
    1. Dynamics of Innovation
    2. Early “Performance Investing”
    3. Index Funds' Growth
    4. Accumulating Evidence
    5. Changing Markets
    6. Behavioral Economics
    7. Fees Are Not Low
    8. Notes
  9. 2 The Loser's Game
  10. 3 The Winners' Game
    1. Three Errors
    2. Conclusion: Our Future Promise
  11. 4 The Winner's Game II
    1. Losers' Game vs. Winners' Game
    2. The Winning Triangle
    3. Levels of the Game
    4. Levels Are Separable
    5. Becoming Mr. Market
    6. Three Realities
    7. Know Thyself
    8. Everyone Can Win
    9. Loser's Game Getting Worse
  12. 5 The Rise and Fall of Performance Investing
    1. A Brief History of Performance Investing
    2. A Clear Alternative
    3. Understanding the Social Acceptance of Innovation
    4. Summing Up
    5. Conclusion: Looking Forward
  13. 6 Seven Rules for More Innovative Portfolio Management in an Age of Discontinuity
  14. 7 Will Success Spoil Performance Investing?
    1. The Successful Performance Investor
    2. Giant Fund Manager Disadvantaged
    3. Liquidity Loses Usefulness
  15. 8 To Get Performance, You Have to Be Organized for It
    1. How the “New” Managers Operate
    2. Committees Can't Control
    3. Why Individuals Outperform Committees
    4. How “New” Management Gets Information
    5. Bypassing the Staff Analysts
    6. The Open-Minded Manager
    7. Market Action Is an Indicator, Too
    8. Performance Pays the Performers
  16. 9 Investing Success in Two Easy Lessons
    1. Note
  17. 10 The End of Active Investing?
    1. Actively Deficient
    2. Standing Out?
    3. The Good Old Days
    4. Poor Value
  18. 11 In Defense of Active Investing
  19. 12 Murder on the Orient Express: The Mystery of Underperformance
    1. The Evidence
    2. The Suspects
    3. Conclusion
  20. 13 Best Practice Investment Committees
    1. Committee Structure
    2. Committee Mission
    3. Investment Objectives
    4. Self-Evaluation: Key Questions
    5. Spending Rule
    6. The Endowment Model
    7. Notes
  21. 14 Levels of the Game
  22. 15 An Invitation to Winning
  23. 16 Small Slam!
  24. 17 A Lesson from Seaside Cemetery
  25. 18 Tommy Armour on Investing
  26. 19 Ted Williams' Great Lessons for Investors
    1. Know Thyself
    2. Do More of What You're Good At
  27. 20 Symptoms and Signs
    1. Searches for Understanding
    2. Good Investment Performance
    3. Investment Management
    4. What Signs Mean
  28. 21 Lessons from the Warwick and Château Chambord
    1. A Brief History
    2. Current Reality
    3. Down Side Up
    4. Notes
  29. 22 Investment Management Fees Are Higher Than We Think
  30. 23 Computer People May Be Planning a Revolution
  31. 24 Characteristics of Successful Investment Firms
    1. Professional Business Goals Conflict
    2. The Importance of Strategic Considerations
    3. Identifying the Big Decisions
    4. Our People and Our Communications
    5. Getting Bigger vs. Getting Better
    6. Tenure, Turnover, and Structure
    7. Compensation Now and Later
    8. The Power of Good Ideas and Good Clients
    9. Appraising “Success”
  32. 25 A New Paradigm of Investment Management
    1. The Past
    2. The Future
  33. 26 Lessons on Grand Strategy
    1. Notes
  34. 27 Pension Funds Need MORE Management MANAGEMENT
    1. The Challenge of Modern Capital Theory
    2. Conclusion
    3. Note
  35. 28 The Significance of 65
    1. Bismarck's Germany: A Leader in Nineteenth-Century Tech
    2. Living Longer Requires a Change in Thinking
  36. 29 Where Were We?
  37. 30 Hard Choices: Where Are We Now?
    1. The Problem
    2. Conclusion
  38. 31 Bonds for Long-Term Investors?
    1. Note
  39. 32 What Role Should Bonds Play?
  40. 33 Too Much Liquidity Will Cost You
  41. 34 Letter to My Grandkids: 12 Essential Investing Guidelines
  42. 35 Miss Sally's Attic
  43. 36 Ben Graham: Ideas as Mementos
    1. The Campaign for Professionalism
    2. Organized Knowledge
    3. Intrinsic Value
    4. The Psychology of the Stock Market
    5. On Price-Earnings Ratios
    6. Judgment and Efficient Markets
  44. 37 The Corporate Tax Cut
    1. Many Will Benefit Less
    2. Others Will Benefit More
    3. Effect of Payments Acceleration
  45. 38 Repurchase Stock to Revitalize Equity
    1. Bolder Role Needed
    2. Present Practice
    3. Major Objections
    4. Possible Alternatives
    5. Deriving the Standard
    6. Finding the Optimum
    7. Role of Repurchasing
    8. Market Reaction
    9. Conclusion
    10. Notes
  46. 39 Anti-Trust, Bank Mergers, and the PNB Decision
    1. Legislative History
    2. Special Experience of the Justice Department
    3. Notes
  47. Index
  48. End User License Agreement

List of Tables

  1. Chapter 1
    1. Table 1.1 Rise in Shares Traded, 1973–2011
    2. Table 1.2 Percentage of Funds Underperforming Benchmarks, Adjusted for Surv...
    3. Table 1.3 Fees for Mutual Funds in US in Basis Points, 2011
  2. Chapter 10
    1. Table 10.1 Percentage of International Funds That Lag Behind Benchmarks
  3. Chapter 27
    1. Table 27.1 Corporations Delegate Broad Policy Discretion to Investment Mana...
    2. Table 27.2 How Policies Specified by Executives Are Changing
  4. Chapter 31
    1. Table 31.1 Ten-Year Cash Income Per $1,000 Investment
    2. Table 31.2 Capital Appreciation of Moody's Utilities
  5. Chapter 38
    1. Table 38.1 The Benefits of Repurchase
    2. Table 38.2 Companies with Substantial Holdings of Short-Term Securities
    3. Table 38.3 Financial Effects of Buying Back Stock in a Hypothetical Case
    4. Table 38.4 Stockholder Standards for Various Growth Rates
    5. Table 38.5 Variations in Debt-Equity Ratios in Various Industries

List of Illustrations

  1. Chapter 1
    1. Figure 1.1 Incremental and Cumulative Acceptance
    2. Figure 1.2 Fund Leadership Is Quick to Change: Performance Ranking as of Dec...
    3. Figure 1.3 Estimated Hedge Funds' Assets and Number of Funds, 2000–2012...
    4. Figure 1.4 Total Net Assets and Number of ETFs, 2000–2011.
    5. Figure 1.5 CFA Charters Awarded by Decade
  2. Chapter 5
    1. Figure 5.1 After-Fee Outperformance Expectations for Active Investment Manag...
    2. Figure 5.2 Who Buys In When
    3. Figure 5.3 Total US Index Mutual Funds Assets, January 1985–September 2013...
    4. Figure 5.4 Total US Industry ETF Assets, January 1993–September 2013
  3. Chapter 12
    1. Figure 12.1 Excess Returns for Fired and Hired Investment Managers Notes: Al...
  4. Chapter 25
    1. Figure 25.1 The New Paradigm
  5. Chapter 33
    1. Figure 33.1 Impact of Being Out of the Market

Guide

  1. Cover
  2. Title Page
  3. Copyright
  4. Dedication
  5. Foreword
  6. Note on the Text
  7. Introduction
  8. Table of Contents
  9. Begin Reading
  10. Index
  11. End User License Agreement

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