Managing Equity Portfolios - Ervolini, Michael A.

. .

Résumé :
A groundbreaking framework for improving portfolio performance that goes beyond traditional analytics, offering new ways to understand investment skills, process, and behaviors.

Portfolio management is a tough business. Each day, managers face the challenges of an ever-changing and unforgiving market, where strategies and processes that worked yesterday may not work today, or tomorrow. The usual advice for improving portfolio performance—refining your strategy, staying within your style, doing better research, trading more efficiently—is important, but doesn't seem to affect outcomes sufficiently. This book, by an experienced advisor to institutional money managers, goes beyond conventional thinking to offer a new analytic framework that enables investors to improve their performance confidently, deliberately, and simply, by applying the principles of behavioral finance.

W. Edwards Deming observed that you can't improve what you don't measure. Active portfolio management lacks methods for measuring key inputs to management success like skills, process, and behavioral tendencies. Michael Ervolini offers a conceptually straightforward and well-tested framework that does just that, with evidence of how it helps managers enhance self-awareness and become better investors. In a series of short, accessible chapters, Ervolini investigates a range of topics from psychology and neuroscience, describing their relevance to the challenges of portfolio management. Finally, Ervolini offers seven ideas for improving. These range from maintaining an investment diary to performing rudimentary calculations that quantify basic skills; each idea, or “project,” helps managers gain a deeper understanding of their strengths and shortcomings and how to use this knowledge to improve investment performance.

Biographie:
Michael A. Ervolini; foreword by Terrance Odean

Sommaire:
Foreword by Terrance Odean ix
Preface xv
Acknowledgments xvii
Introduction xix
Part One: Game Change
1 Industry Challenges 3
2 Why Johnny Can't Improve 19
3 New Analytic Framework 39
4 Process and Behaviors 51
5 Feedback in Action 67
6 Phantastic Risks 77
Part Two: Behavioral Matters
7 What Drives Selling? 87
8 Sell the Way You Buy--Strategically 91
9 Bearing Up in a Bear Market 95
10 Aching Conviction 99
11 Unconscious Deliberation 103
12 Investing in Self-Awareness 107
13 Stressing Performance 111
14 Thesis, Narrative, or Just Another Disappointing Story 115
15 Dreaming of Alpha 119
16 Motivated Reasoning 123
17 Regrettable Choices 127
18 Endowing Success 131
19 Counterfactual Investing 135
20 Great Investing Is Not Natural 139
21 Inside-Out Investing 143
22 Beware Phantastic Investments 147
23 Thanks for the Memories 153
24 Skills, Process, and Behaviors 157
25 Processing Success 161
26 Primed for Success 165
27 Fear, Anger, and Risk 171
28 Successful Choices 175
29 Changing for the Better 179
30 Portfolio Thinking 183
31 Promiscuous Thinking 187
32 Getting in the Flow 191
33 Believing is Seeing 195
34 A Storied Portfolio 201
35 The Trouble with Improving 207
36 Tired Investing 211
37 That Winning Feeling 215
38 Hold That Thought 219
39 Overcoming Overconfidence 223
40 The Power of Vulnerability 227
Part Three: Improving Right Away
Project 1 Embracing the Scientific Method 233
Project 2 Maintaining a Diary 239
Project 3 Accounting for Skill 243
Project 4 Learning about Buying Skill 249
Project 5 Measuring Your Sell Effectiveness 253
Project 6 Calibrating Sizing 257
Project 7 Checklists 261
Epilogue 267
Glossary 271