By Bill Feingold
You could beat the marketplace by way of warding off risk-averse, career-protecting funding managers and index-based concepts which are completely chuffed with mediocrity. truth is, as indexing and quasi-indexing became extra frequent, the hazards of those suggestions became extra suggested: a bias towards puffed up, overgrown, large-cap shares more likely to hit lengthy classes of underperformance. yet there’s excellent news: If you’re prepared to speculate a piece extra of your individual time, you could have a higher likelihood of thrashing the professionals than they need you to imagine. In Beating the Indexes, major dealer and Minyanville columnist invoice Feingold exhibits you the way to systematically take advantage of the biases and mediocrity of index traders, and continually make successful investments. Writing for person traders in addition to expert advisors and cash managers, Feingold introduces a extra ecocnomic set of making an investment techniques according to convertible bonds and similar substitute investments. during this unusually readable (even fun to learn) publication, each one bankruptcy exposes one index making an investment fantasy – and offers a robust process for beating traders who nonetheless purchase into it. If you’re bored with minimum returns that disappear with the slightest marketplace volatility, this can be the publication you’ve been trying to find.
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Additional resources for Beating the Indexes: Investing in Convertible Bonds to Improve Performance and Reduce Risk
More recently, John Paulson, the biggest winner in the subprime mortgage blowup, has deployed some of his resources in investments like Sino-Forest, the Chinese timber company accused of fraudulent accounting. How do you avoid these blowups? You become a closet indexer. You’ll never make the kind of returns you did when you were smaller, but you’ll also probably never make the headlines. And for institutional investors paid on a percentage of the assets they manage, that’s usually good enough. How Big a Deal Is Closet Indexing?
It does not have to mean realized, completed performance. It does not have to mean buying and then selling an asset—or selling short and then covering, for that matter. Although no two institutional investors use identical procedures, most of them are highly linked to the calendar year. They report their performance, marking their positions to the official year-end closing prices. In general, their performance is calculated as if the positions were closed out at those prices. There’s nothing even remotely illegal or unethical about this, per se.
Chapter 2 • the IndIvIdual’s edge 35 The Buyers’ Pact It’s no secret that institutional investors and hedge funds like to travel in packs. They attend the same investor meetings and, in recent years, have started to congregate at “idea events” more regularly. In these events—typically dinners attended by a fairly small number of influential money managers—these investors share the theses behind various trades. They hope their sharp, educated, savvy peers will poke holes in the ideas, forcing them to go back and reexamine them.
Beating the Indexes: Investing in Convertible Bonds to Improve Performance and Reduce Risk by Bill Feingold