By Catherine Shenoy
While funding specialist Kent McCarthy lower back to coach at his alma mater, the college of Kansas, he planted the seeds for the utilized Portfolio administration (APM) program—a direction that permits scholars to regulate a true cash portfolio, which has compiled a striking list of funding luck. Now, with this booklet, you’ll realize find out how to use the innovations coated during this class—from figuring out the elemental drivers of industrial good fortune to purchasing on the correct price—to increase your individual funding talents.
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Extra resources for Applied Portfolio Management: How University of Kansas Students Generate Alpha to Beat the Street
In APM we believe in fundamental analysis and stock picking. Another active strategy that doesn’t rely on fundamental analysis is technical analysis, which we’ll save for other authors. First we’ll discuss tactical asset allocation and sector benchmarking, and then we’ll get back to stock picking. Tactical asset allocation and sector benchmarking are top-down approaches to stock selection. The portfolio managers start with macroeconomic analysis. In tactical asset allocation, managers adjust weights in assets classes in response to changes in the relative values of the asset classes.
42 of cash per share on its balance sheet and no debt. 99 per share. At the time the company had a net loss of 12 cents per share, but it was breaking even on a cash basis so it didn’t need to rely on the cash on the balance sheet to keep going. The downside was limited, but there was lots of upside. We discuss chinadotcom in more detail later, but this investment illustrates one way of limiting downside.
He looks for limited downside with very good upside potential. He accomplishes this partly by not overpaying for his investments. His mentor, Benjamin Graham, schooled him in the art of finding good deals. Using standard deviation as a measure of risk for Buffet’s portfolio would be misleading because the source of variation comes primarily from the upside. In March 2001, the APM class invested in a small Chinese company called chinadotcom, which ran a Chinese Internet business. The company had bypassed the Chinese equity market and became the first Chinese company to list directly on the NASDAQ in the United States in July 1999.
Applied Portfolio Management: How University of Kansas Students Generate Alpha to Beat the Street by Catherine Shenoy