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- 7: How Regulations Impact Investment ManagersThe Volcker Rule; Regulations and the Stock Picker; The Impact of 2002; Enron; The Sarbanes-Oxley Act; WorldCom; The Fallout for Securities Analysts; Regulation FD; Conclusion; 8: Performance Doesn't Tell the Whole Story; Skill or Luck?; Equity Styles; Tracking Error; The Variables Behind Past Performance; Changes in the Manager's Philosophy; Cash Inflows; Personnel Turnover; Business Decisions Above Investment Decisions; New Products; Who Outperforms the Benchmark?; Part II; 9: Intuition; The Role of Trust; Intuition DefinedIncludes bibliographical references and index.Intro; Dedication; Preface; Acknowledgments; Contents; List of Figures; List of Tables; Part I: Challenges in Investing; 1: The Future Isn't What It Used to Be; Stock Market Performance Building Blocks; P/E Ratios and the Bull Market of the 1990s; Future Returns; 2: An Obsolete Fundamental Philosophy; Mutual Funds Have Disappointed; Equity Mutual Funds; Stock Picking; The Bottom Line: Market Efficiency; 3: As a Group, Professional Investors Are the Market; Just Because Everybody Else Is Doing It; Mutual Fund Industry Growth Hurts Investors; 4: The Specifics of Market EfficiencyIntuition Versus InstinctRed Flags and Green Lights; Suggestions to Consider Practicing; The Evolvement of Intuition; Mathematical Viewpoint; Psychological Analysis; Personality Typing: Myers-Briggs Take on Jung; Additional Research; Using Intuition in Decision Making; Final Five Take-aways; Conclusion; 10: Focus on Asset Allocation; Asset Allocation and Portfolio Construction Philosophies; The Endowment or Yale Model; The Norway Model; The Factor or Canada Model; Manager-Centric or MIT Model; Conclusion; 11: Indexing; Skill or Luck?; An Alternative to Active Management: IndexingTypes of Indexed SecuritiesThe Future for ETFs; A Fundamental Truth of Investing; 12: Active Share and Private Equity; Active Share; Private Equity; Conclusion; 13: Momentum; Background, the Evolution of Momentum; Evidence of Momentum; A Basis in Behavior; Applying Momentum; Independent Research; Conclusion; 14: Smart Beta; Fundamental Indexing; The Beginning of the Arnott/Asness Rivalry; Factor-Based; Factor Timing; Has/Will Smart Beta Survive Discovery?; Conclusion; 15: Risk Management; Risk, the Only Path to Outperformance; Mean-Variance Optimization; It's All About Equity RiskWhat the Research Says About EfficiencyWeak Form EMH; The Semi-Strong Form EMH; The Strong Form EMH; A Surprising Quote from Benjamin Graham; 5: Fund Manager Fees; How Fees Combined with Behavioral Errors Can Impact Returns; Hedge Fund Fees; 6: To Err Is to Be Human. To Make a Behavioral Error Is to Be a Human Investor; Too Much Information (TMI); Not Enough Meaning; Need to Act Fast; What Should We Remember?; Behavioral Finance; Anchoring and Overconfidence; Illusion of Control; Gambler's Fallacy; In-Group Favoritism and FOMO; Agency Friction; Prospect Theory; Conclusion