Illustrates some reasons why active managers have underperformed
Showcases how spreading assets among a variety of different, uncorrelated asset classes can lower risk portfolio wide
Shines a light on passive investing and smart beta to provide for outperformance
Explains how and why the volatility risk premium (VRP) is perhaps the most significant, untapped resource available to investors today
Michael J. Oyster, CFA, CAIA is an investment strategist, researcher and creator of the Options Income Index. He began his professional investment career in 1994 with options advisory firm Schaeffer´s Investment Research. As Schaeffer´s senior quantitative analyst, he conducted detailed analysis of options and volatility metrics while managing product offerings including an S&P 500 Index options spread strategy.
Upon joining Fund Evaluation Group, LLC (FEG) in 1999, Michael began researching traditional, hedge fund and options-based investment strategies as well as conducting and publishing independent research. As FEG´s Chief Investment Strategist, he served as a thought leader and frequent presenter on markets and the economy. His first book, Mission Possible, was published in 2005, and he was twice commissioned by the Chicago Board Options Exchange (Cboe) to conduct research on and provide summary analysis regarding suites of their proprietary options indexes. He serves as a board member on the Freestore Foodbank Foundation and on the Lincoln W. Pavey Educational Foundation.
Following the Great Financial Crisis, the S&P 500 advanced more than 17 percent annualized from February 2009 through June 2018. At this pace, a buy-and-hold investor in the stock market would see their money double in 5 years and more than triple in 7 years. This performance has lulled many investors into thinking that such above-average returns will be with us into perpetuity. Unfortunately, this may not be the case. Far more likely, the return an investor may receive from the stock market will be slightly better than half the long-term average, about 5% to 7%.
Most investment portfolios hold a greater allocation to stocks than any other class of investment asset. Massive amounts of wealth were created from the bull market since early 2009 providing institutions and individuals with a rising tide that lifted their portfolios above their goals without much effort. The environment of the future stands to be far less accommodating, so finding suitable investments (other than U.S. stocks) that can achieve the necessary returns (or make up the shortfall) will be a critical component of achieving goals in years to come. This book will explore those solutions.
Table of Contents
PART ONE: CHALLENGES IN INVESTING
Chapter 1: The Future Isn´t What it Used to Be
Chapter 2: An Obsolete Fundamental Philosophy
Chapter 3: As a Group, Professional Investors Are the Market
Chapter 4: The Specifics of Market Efficiency
Chapter 5: Fund Manager Fees
Chapter 6: To Err Is To Be Human. To Make a Behavioral Error Is To Be a Human Investor
Chapter 7: How Regulations Impact Investment Managers
Chapter 8: Performance Doesn´t Tell the Whole Story
PART TWO: SOLUTIONS
Chapter 9: Intuition
Chapter 10: Focus on Asset Allocation
Chapter 11: Indexing
Chapter 12: Active Share and Private Equity
Chapter 13: Momentum
Chapter 14: Smart Beta
Chapter 15: Risk Management
Chapter 16: Buy-Write
Chapter 17: Put Selling
Chapter 18: The Options Income Index
Chapter 19: Portable Alpha
Chapter 20: Epilogue
1. The Future Isn't What it Used to Be.- 2. An Obsolete Fundamental Philosophy.- 3. As a Group, Professional Investors Are the Market.- 4. The Specifics of Market Efficiency.- 5. Fund Manager Fees.- 6. To Err Is To Be Human. To Make a Behavioral Error Is To Be a Human Investor.- 7. How Regulations Impact Investment Managers.- 8. Performance Doesn't Tell the Whole Story.- 9. Intuition.- 10. Focus on Asset Allocation.- 11. Indexing.- 12. Active Share and Private Equity.- 13. Momentum.- 14. Smart Beta.- 15. Risk Management.- 16. Buy-Write.- 17. Put Selling.- 18. The Options Income Index.- 19. Portable Alpha.- 20. Epilogue.
Michael J. Oyster, CFA, CAIA is an investment strategist, researcher and creator of the Options Income Index. He began his professional investment career in 1994 with options advisory firm Schaeffer's Investment Research. As Schaeffer's senior quantitative analyst, he conducted detailed analysis of options and volatility metrics while managing product offerings including an S&P 500 Index options spread strategy.
Upon joining Fund Evaluation Group, LLC (FEG) in 1999, Michael began researching traditional, hedge fund and options-based investment strategies as well as conducting and publishing independent research. As FEG's Chief Investment Strategist, he served as a thought leader and frequent presenter on markets and the economy. His first book, Mission Possible, was published in 2005, and he was twice commissioned by the Chicago Board Options Exchange (Cboe) to conduct research on and provide summary analysis regarding suites of their proprietaryoptions indexes. He serves as a board member on the Freestore Foodbank Foundation and on the Lincoln W. Pavey Educational Foundation.
Über den Autor
Michael J. Oyster, CFA, CAIA is an investment strategist, researcher and creator of the Options Income Index. He began his professional investment career in 1994 with options advisory firm Schaeffer's Investment Research. As Schaeffer's senior quantitative analyst, he conducted detailed analysis of options and volatility metrics while managing product offerings including an S&P 500 Index options spread strategy.
nn
Upon joining Fund Evaluation Group, LLC (FEG) in 1999, Michael began researching traditional, hedge fund and options-based investment strategies as well as conducting and publishing independent research. As FEG's Chief Investment Strategist, he served as a thought leader and frequent presenter on markets and the economy. His first book, Mission Possible, was published in 2005, and he was twice commissioned by the Chicago Board Options Exchange (Cboe) to conduct research on and provide summary analysis regarding suites of their proprietary options indexes. He serves as a board member on the Freestore Foodbank Foundation and on the Lincoln W. Pavey Educational Foundation.
rn
Inhaltsverzeichnis
Table of Contents
nn
PART ONE: CHALLENGES IN INVESTING
nn
Chapter 1: The Future Isn't What it Used to Be
Chapter 2: An Obsolete Fundamental Philosophy
nn
Chapter 3: As a Group, Professional Investors Are the Marketrn
nn
Chapter 4: The Specifics of Market Efficiencyrn
Chapter 5: Fund Manager Fees
nn
Chapter 6: To Err Is To Be Human. To Make a Behavioral Error Is To Be a Human Investorrn
nn
Chapter 7: How Regulations Impact Investment Managersrn
nn
Chapter 8: Performance Doesn't Tell the Whole Storyrn
nn
PART TWO: SOLUTIONSrn
nn
Chapter 9: Intuition
nn
Chapter 10: Focus on Asset Allocationrn
nn
Chapter 11: Indexingrn
nn
Chapter 12: Active Share and Private Equityrn
Chapter 13: Momentum
Chapter 14: Smart Beta
nn
Chapter 15: Risk Managementrn
nn
Chapter 16: Buy-Writern
nn
Chapter 17: Put Sellingrn
nn
Chapter 18: The Options Income Indexrn
nn
Chapter 19: Portable Alpharn
nn
Chapter 20: Epiloguern
rn
Klappentext
Following the Great Financial Crisis, the S&P 500 advanced more than 17 percent annualized from February 2009 through June 2018. At this pace, a buy-and-hold investor in the stock market would see their money double in 5 years and more than triple in 7 years. This performance has lulled many investors into thinking that such above-average returns will be with us into perpetuity. Unfortunately, this may not be the case. Far more likely, the return an investor may receive from the stock market will be slightly better than half the long-term average, about 5% to 7%.
nnMost investment portfolios hold a greater allocation to stocks than any other class of investment asset. Massive amounts of wealth were created from the bull market since early 2009 providing institutions and individuals with a rising tide that lifted their portfolios above their goals without much effort. The environment of the future stands to be far less accommodating, so finding suitable investments (other than U.S. stocks) that can achieve the necessary returns (or make up the shortfall) will be a critical component of achieving goals in years to come. This book will explore those solutions.
rn
Illustrates some reasons why active managers have underperformed
Showcases how spreading assets among a variety of different, uncorrelated asset classes can lower risk portfolio wide
Shines a light on passive investing and smart beta to provide for outperformance
Explains how and why the volatility risk premium (VRP) is perhaps the most significant, untapped resource available to investors today
