Active Investing in the Age of Disruption

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Outperforming the market is challenging, and for many non-sophisticated investors, passive investing is often the best route. However, professional investment managers are keen to refine their active management skills, as they can reap significant rewards. For these professionals, achieving alpha—market outperformance—is attainable with the right discipline and methodologies. The current landscape, marked by central bank interventions and rapid technological advancements, is disrupting traditional business models, creating a tough environment for active managers. This book focuses on equity investment strategies aimed at alpha creation, emphasizing the importance of understanding the limits and potentials of various methodologies. Key to success is recognizing which aspects of active investing to prioritize from a risk perspective. Active investing is a craft that benefits from experience and research, though luck can complicate outcomes. A disciplined approach and appropriate time horizon are essential to navigating bad luck. Despite recent challenges, this book encourages active managers to rethink risks and opportunities. Through personal insights, the author highlights markets ripe for alpha generation, the limitations of unique strategies, and the evolving nature of core investment principles. Readers dedicated to outperforming will find valuable perspectives on adapting their investment processes, which is crucial in a c