Winning at Active Management. Welhoelter Michael A.
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Название: Winning at Active Management

Автор: Welhoelter Michael A.

Издательство: John Wiley & Sons Limited

Жанр: Зарубежная образовательная литература

Серия:

isbn: 9781119051909

isbn:

СКАЧАТЬ 2006.

20

IBM Corporation, “Leading through Connections: Case Studies from the Global Chief Executive Officer Study,” IBM Institute for Business Value, 2012. Accessed at: http://www-01.ibm.com/common/ssi/cgi-bin/ssialias?subtype=XB&infotype=PM&appname=GBSE_GB_TI_USEN&htmlfid=GBE03535USEN&attachment=GBE03535USEN.PDF

21

This framework for describing investment management culture arose from an offsite meeting many years ago, between the management of Credit Suisse Asset Management-Americas (at the time, led by William Priest) and consultants McKinsey & Company. We have found it to be a durable and reliable guide.

22

Gillian Tett, The Silo Effect: The Peril of Expertise and the Promise of Breaking Down Barriers (New York: Simon & Schuster, 2015), 19.

23

Ibid., 179.

24

Schmidt and Rosenberg, with Alan Eagle, 29.

25

Ibid.

26

Ray Dalio, Principles (2011), 40. Accessed at: http://www.bwater.com/Uploads/FileManager/Principles/Bridgewater-Associates- Ray-Dalio-Principles.pdf

27

Maxine Boersma, “My Job Is to Protect the Firm’s Culture,” Financial Times, May 9, 2012.

28

Paul Woodruff, The Ajax Dilemma: Justice Fairness and Rewards (Oxford, England: Oxford University Press, 2011), 120.

29

William F. Sharpe, “Mutual Fund Performance.” The Journal of Business, Vol. 39, No. 1, Part 2: Supplement on Securities Prices (January 1966): 119–138. Accessed at http://www.edge-fund.com/Shar66.pdf.

30

Martijn Cremers and Antti Pettajisto, “How Active Is Your Fund Manager? A New Measure That Predicts Performance,” March 31, 2009. AFA 2007 Chicago Meetings Paper; EFA 2007 Ljubljana Meetings Paper; Yale ICF Working Paper No. 06-14. Available at SSRN: http://ssrn.com/abstract=891719 or http://dx.doi.org/10.2139/ssrn.891719.

31

A similar challenge of prediction plagues another service industry – Major League Baseball. In spite of a rich database of performance statistics, managers have a poor record of choosing future all-stars, even in the game’s comparatively well-controlled conditions. “The draft has never been anything but a.. crapshoot,” said Oakland A’s manager Billy Beane, in Michael Lewis’s book Moneyball (New York: W.W. Norton and Company, Inc., 2004), 17. “We take fifty guys and we celebrate if two of them make it. In what other business is two for fifty a success? If you did that in the stock market, you’d go broke.” After 2002, however, the intensive application of sabermetrics statistical analysis transformed baseball to a somewhat more disciplined business. (Sabermetrics is the empirical study of in-game baseball statistics, and takes its name from the Society for American Baseball Research.)

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