Investment Beliefs: A Positive Approach to Institutional Investing

Hardcover | January 15, 2011

byKees Koedijk, Alfred Slager

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As an asset manager or pension trustee, you should worry less about the stocks and products you pick for your clients and more about getting your fundamental investment beliefs right.

After a steep decline in the global stock markets and a recovery that is still uncertain, it is simply is not enough to have a good organization, good staff and a well-defined mission. You need to formulate your own set of investment beliefs: a clear view on how you perceive the way capital markets work and how your fund can add value and strive for excellence. Funds which establish and implement a well-defined investment philosophy have been shown to earn consistently better results.

This practical book provides the framework for determining your own investment beliefs and guidance on how to imbed, communicate and monitor them. Its research is based on a survey of the world's leading fund managers, viewed as excellent companies in the asset management industry. The book includes a speed-read summary at the start of each chapter, useful checklists, and case-studies spanning organizations from a variety of different countries and industries. It also provides a timely overview of the major debates in the industry and an introduction to the issues that matter for long-term survival in financial markets

With investment beliefs firmly in place, you will be able to more easily navigate the investment options available, knowing that your choices and decisions are in accordance with your values and objectives. Successful implementation of investment beliefs might well be one of the decisive factors in becoming a winner or loser in the investment management industry in 2020.

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From the Publisher

As an asset manager or pension trustee, you should worry less about the stocks and products you pick for your clients and more about getting your fundamental investment beliefs right. After a steep decline in the global stock markets and a recovery that is still uncertain, it is simply is not enough to have a good organization, good st...

KEES KOEDIJK is Professor of Financial Management and Dean of the Faculty of Economics and Business Administration at Tilburg University, the Netherlands. He has won several awards for his research on sustainable development. He has published extensively on finance, European integration, and monetary policy. ALFRED SLAGER is Chief Inv...
Format:HardcoverDimensions:200 pages, 9.62 × 6.37 × 0.78 inPublished:January 15, 2011Publisher:Palgrave MacmillanLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0230284930

ISBN - 13:9780230284937

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Extra Content

Table of Contents

Introduction
PART I: INVESTMENT BELIEFS: THE FUNDAMENTALS
Think Twice about Your Investment Philosophy
Uncovering Beliefs
Why Pension Investors and Asset Managers Differ
PART II: EXPLORING BELIEFS
Inefficiencies
Risk Premiums
Diversification
Investment Horizon
The Investment Process: Impact and Focus Decisions
Risk Management
Investment Style
Costs
Organization
Sustainability
PART III: EMBEDDING BELIEFS
How to Hit the Ground Running
(Re)engineering Your Own Beliefs
References

Editorial Reviews

 "THIS BOOK HAS MUCH TO OFFER THOSE READY TO RECEIVE ITS MESSAGES. PETER DRUCKER AND JOHN MAYNARD KEYNES WOULD BE PLEASED."- Keith Ambachtsheer   "The authors are early narrators of an important realization in the investment world: investors need to develop and implement 'good' investment beliefs to be successful. This book is a highly readable account of the practical issues investors encounter in this area and draws from many interesting live examples. It should be required reading for trustees and investment committee members globally." -- Roger Urwin FIA, Global Head of Investment Content, Investment Consulting, Towers Watson "Wonderful reading with a clear and well thought out message. Pension trustees and asset managers would be wise to carefully study the recommendations made as it will translate into enhanced performance and the avoidance of financial fiascos." -- Professor Frank J. Fabozzi, Yale School of Management and Editor of The Journal of Portfolio Management "Koedijk and Slager have made a major contribution to the knowledge on investment beliefs and have become the current thought leaders on this topic. If your investment fund does not have a clear set of investment beliefs, give this book to every member of your Investment Committee, and it soon will." -- Graham Pugh, Investment Risk Management, OMERS "Sound investment beliefs are an important addition to the toolkit of trustees and their asset managers. This book is a helpful guide to make it work." -- Else Bos, Chief Institutional Business and Executive Committee member PGGM "As a pension fund trustee you should focus on the important issues for your pension fund like the risk appetite, the asset allocation and the choice of investment instruments. This process of understanding, making choices and supervising implementation can be approached in a structured way by formulating and discussing the investments belief system. This book shows you the way. Koedijk and Slager do a great job in bridging the gap between academic research and everyday practice. By reading and applying it, you will greatly increase the effectiveness of your board role." -- Professor Jean Frijns, VU University Amsterdam, The Netherlands "This is an impressive contribution to trustee knowledge and understanding, written in an accessible manner with thought-provoking ideas and guides for action. I strongly recommend this book to trustees and investment professionals." -- Professor Gordon L. Clark, University of Oxford, UK