Small-Cap Advantage

How Top Endowments and Foundations Turn Small Stocks into Big Returns

AvBrian Bares

Inbunden, Engelska, 2011

Del 645 i serien Wiley Finance

385 kr

Beställningsvara. Skickas inom 5-8 vardagar. Fri frakt över 249 kr.

Fler format och utgåvor

E-bok

477 kr

E-bok

460 kr

Beskrivning

A world-renowned money manager shares winning strategies for small-stock investing Since forming Bares Capital Management, Inc. in 2000, Brian Bares has shown that above average returns can be generated through the careful selection of small company common stocks. Additionally, he's shown how concentrating capital in a handful of ideas improves the potential for outperformance by increasing the depth of knowledge of each position and allowing each security to have a more meaningful impact on the portfolio. In The Small-Cap Advantage: How Top Endowments and Foundations Turn Small Stocks Into Big Returns, Bares describes how endowment-model investors and aspiring managers can gain meaningful exposure to small stocks while sidestepping many of the obstacles that have historically prevented institutional investment in the asset class. The book also Details the historical outperformance of small-cap stocksContrasts the various strategies employed by managers in the spaceExplains how aspiring managers can structure a firm to boost performance and attract institutional capitalDescribes how endowment-model institutions can evaluate and engage outside managers for their small-cap allocationsSummarizes important topics such as liquidity and the research processBigger is not better. The Small-Cap Advantage reveals that small stocks have historically performed better than large ones, and that lack of competition in small-cap stocks provides diligent managers with a singular opportunity to outperform.

Produktinformation

Utgivningsdatum:2011-02-11
Mått:162 x 231 x 22 mm
Vikt:377 g
Format:Inbunden
Språk:Engelska
Serie:Wiley Finance
Antal sidor:208
Förlag:John Wiley & Sons Inc
ISBN:9780470615768

Utforska kategorier

Finansiering inom Ekonomi och Ledarskap

Mer om författaren

BRIAN T. BARES, CFA, is a research analyst with Bares Capital Management, Inc. He founded the firm in 2000 with the belief that concentrated portfolios of inefficiently priced small companies could lead to high relative compounding. His firm manages the institutional portfolios of small-cap and micro-cap common stocks in long-only, replicated separate accounts. Mr. Bares began his career by working his way up from the bottom. From compliance and operations, to trading and portfolio management, he garnered experience in nearly all aspects of running a boutique small-cap management company before starting his own company. He graduated from the University of Nebraska with a degree in mathematics. His investment philosophy and strategy have been profiled in Value Investor Insight and the Manual of Ideas: Portfolio Manager's Review. Mr. Bares holds the Chartered Financial Analyst designation and is a member of the CFA Society of Austin. He resides in Austin, Texas, with his wife and two sons.

Innehållsförteckning

Introduction xiiiAcknowledgments xviiCHAPTER 1 The Small-Cap Advantage 1Two Sources of Outperformance 1Small-Cap Definitions 2The Outperformance of Small-Cap Stocks 10Outperformance within the Small-Cap Space 15Chapter Summary 19CHAPTER 2 Small-Cap Disadvantages 21Research 21Trading 23The Small-Cap Graveyard and Reverse Survivorship Bias 28Capping Assets 29Chapter Summary 31CHAPTER 3 Small-Cap Investment Philosophy and Process 33Institutional Approach 33Passive and Enhanced Indexing in Small-Cap Stocks 34Active Management in Small-Cap Stocks 36Chapter Summary 70CHAPTER 4 Small-Cap Manager Organization 71Creating Value for the Manager 71Launching a Small-Cap Firm 72Investment Team 86Chapter Summary 94CHAPTER 5 The Fund-Raising Process 95General Marketing Strategy 95Institutional Clients 98Foundations and Endowments 104Consulting Firms 105Pension Plans 108High-Net-Worth Individuals 112Wrap Fee and Other Subadvisory Relationships 114Databases 115Third-Party Marketers 116The Chicken-and-Egg Problem 118Chapter Summary 119CHAPTER 6 Fees, Agency Issues, and Other Performance Drags 121Common Performance Drags 121Frictional Costs in Small Caps 124Institution-Manager Agency Issues 129Agency Issues in Trading 131Benchmark Tyranny 133Commingled and Separate Accounts 134Chapter Summary 138CHAPTER 7 Small-Cap Managers and the Endowment Model 139The Endowment-Model Approach to Small Caps 139Finding an Edge 142Funding Smaller Managers 145Funding Emerging Managers 147Finding Emerging Managers 149Chapter Summary 151CHAPTER 8 Evaluating Small-Cap Managers 153Institutional Due Diligence Teams 153Assessing Manager Risk 155Assessing Investment Philosophy 158Analyzing a Manager’s Process 159Evaluating Firm Principals 167Assessing Manager Operations 169Contributions and Withdrawals 172Chapter Summary 174Final Thoughts 175Notes 177About the Author 183Index 185