Investment Management: Meeting the Noble Challenges of Funding Pensions, Deficits, and Growth (Wiley Finance)

Praise for Investment Management "A compelling analysis of the challenges of investment management, and why investment management firms require innovation to succeed." —Blake Grossman, CEO, Barclays Global Investors "Great investment managers understand that positioning portfolios for clients should not be an act of conformity, but rather a constant journey of shifting fundamentals and opinion. Wayne and Ralph bring this fact to life by addressing some of the key challenges to serious investment thinking, using top-level researchers in their respective fields. For those investment managers and clients who want to go beyond the ordinary." —Jeff Diermeier, former CEO of CFA Institute and retired CIO of UBS Global Asset Management "The essays in this book provide an invaluable reference point of serious readings for money managers. The works provide the analyst with the most recent scholarship in a single book, presenting ideas and philosophy that will lead me back to its various sections time and time again." —Kenneth S. Hackel, CFA, President, CT Capital LLC "The crash of 2007–2009 brought a harsh conclusion to a quarter of a century of unprecedented growth and prosperity for the investment management industry, which faces no less a task than reinventing itself. Rieves' and Wagner's contribution to the way forward couldn't be timelier." —Richard Ennis, Principal, Ennis Knupp + Associates "This book uniformly focuses on the best practices to which investment management professionals should commit. I highly recommend this book to investment managers, sales people, and trustees of pensions, endowments, trusts, and mutual funds." —Jack Clark Francis, PhD, Professor of Economics and Finance, Bernard Baruch College Content: Introduction : a sea of changes and waves of opportunity / Jacqueline Charnley, Christine Rostvold -- The discontinuity challenge / Wayne H. Wagner -- The sub-prime crisis as a "predictable surprise" : strategic lessons to be learned / Keith Ambachtsheer -- The solidarity challenge / David G. Tittsworth -- The failure of invariance / Peter L. Bernstein -- Inverted reasoning and its consequences / G.C. Seldon -- Fatal attractions for money managers / Arnold S. Wood -- Renzo Gracie's Brazilian Jiu Jitsu academy / Richard Bookstaber -- Managing outside the box / Robert A. Jaeger -- The evolving challenges of quantitative investing / Robert L. Hagin, Kathleen T. DeRose -- EMH and the matter at hand / Wayne H. Wagner, Ralph A. Rieves -- The attribution challenge / Ron Surz -- The academic challenge : an interview with professor Stephen Brown on developments in modern finance / Harry Liem -- The elusiveness of investment skill / Robert A. Jaeger -- The client challenge : trustees as leaders / Fiduciary 360 -- The Kool-Aid quandary and the enduring lure of outperformance / Edward Siedle -- The ESGI (nee' SRI) challenge / "Dove Green" -- The marketing challenge / Ron Gold -- The selection and termination of investment management firms by plan sponsors / Amit Goyal, Sunil Wahal -- The market price challenge / Francis Gupta, John A. Prestbo -- The sell-side challenge / Steve Wunsch -- The trading challenge / Wayne H. Wagner -- The settlement challenge / Steve Webb, Simon Bennett -- Investment belief systems : a cultural perspective / John R. Minahan -- Ethical leadership in the investment firm / Jim Ware, Jim Dethmer -- The adaptive leader / Jim Ware -- The staffing challenge / Monika Muller -- The "same page" challenge : communicating effectively / Jamie Goodrich Ziegler -- The data management challenge / Don DeLoach. Timely insights on investment management. This comprehensive guide will help investment managers, fiduciaries, trustees, and regulators face the difficult challenge of funding the retirements of millions of workers and meeting the capital formation needs of businesses at once. The famous contributors to Investment Management describe the theories and practices that endure and challenge investment professionals to reexamine their assumptions, face reality, and focus on their clients. The contributors include top names from investment management companies, consulting firms, professional associat