The Incredible Shrinking Alpha How to be a successful investor without picking winners 2nd Edition Larry E. Swedroe – Ebook Instant Download/Delivery ISBN(s): 9780857198259, 0857198254
Product details:
- ISBN 10:0857198254
- ISBN 13: 9780857198259
- Author: Larry
The Incredible Shrinking Alpha 2nd edition
How to be a successful investor without picking winners
Table contents:
Introduction: The Active Versus Passive Debate
Chapter 1: The Quest For The Holy Grail: What Was Once Alpha Becomes Beta
Asset pricing models
Explaining Buffett’s alpha
Bond investing
The twenty dollar bill
Chapter 2: The Pool Of Victims Is Shrinking
The trend is not the friend of active investors
The rise of passive investing contributes to market efficiency
The good news
A vicious circle
Chapter 3: The Competition Is Getting Tougher
Game theory and investing
The paradox of skill
Diseconomies of scale and fund performance
Decreasing returns to scale
What about Warren Buffett?
The success of the Yale Endowment
The performance of institutional money managers
The nature of the competition
Successful active management contains the seeds of its own destruction
The next Peter Lynch?
The benefits provided by active investors
Chapter 4: Is The Market For Alpha Overgrazed?
Increased supply of capital chasing shrinking pool of alpha
What if everyone indexed?
Chapter 5: Why Do Investors Ignore The Evidence On Actively Managed Funds?
The black hole of knowledge
Explanations from academic research
It’s hard to admit we are wrong
Chapter 6: What You Can Do
1. What risks to take and how much of them?
2. Diversify your risks
3. Invest in systemically managed (structured) funds
4. Keep your costs low
5. Stay disciplined
Factor Fimbulwinter
Diversification means being uncomfortable
Summary
Chapter 7: Asset Allocation
Introduction to asset allocation
The three tests
Asset allocation decisions
Implementation
Recommended mutual funds and ETFs
A living document
The care and maintenance of the portfolio
Conclusion
Appendix A: Does Indexing/Passive Investing Get You Average Returns?
Appendix B: Active Management: The Odds Of Achieving Portfolio Alpha
Appendix C: The Value Of Security Analysis
Buy, sell or hold
Appendix D: The Performance Of Active Managers In Bear Markets
Appendix E: For Actively Managed Funds How Long A Track Record Is Enough?
The 44 Wall Street Fund
The Lindner Large-Cap Fund
The Legg Mason Value Trust Fund
The Tiger Fund
Appendix F: Should Investors Prefer Dividend-Paying Stocks?
Dividend policy irrelevant to stock returns
The math of cash dividends versus home-made dividends
The explanatory power of dividends
Taxes matter
The evidence
The dividend disconnect
Implications
Attempting to explain the preference for dividends
Conclusion
Appendix G: Are Professional Investors Prone To Behavioral Biases?
Supporting evidence
Glossary
References
Publishing details
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