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Small-Cap Advantage How Top Endowments and Foundations Turn Small Stocks into Big Returns

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ISBN-10: 0470615761

ISBN-13: 9780470615768

Edition: 2011

Authors: Brian Bares

List price: $39.00
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A world-renowned money manager shares winning strategies for small-stock investingSince forming Bares Capital Management, Inc. in 2000, Brian Bares has shown that above average returns can be generated through the careful selection of small company common stocks. Additionally, he's shown how concentrating capital in a handful of ideas improves the potential for outperformance by increasing the depth of knowledge of each position and allowing each security to have a more meaningful impact on the portfolio. In The Small-Cap Advantage: How Top Endowments and Foundations Turn Small Stocks Into Big Returns, Bares describes how endowment-model investors and aspiring managers can gain meaningful…    
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Book details

List price: $39.00
Copyright year: 2011
Publisher: John Wiley & Sons, Limited
Publication date: 2/11/2011
Binding: Hardcover
Pages: 208
Size: 6.20" wide x 9.30" long x 0.72" tall
Weight: 0.836
Language: English

The Small-Cap Advantage
Two Sources of Outperformance
Small-Cap Definitions
The Outperformance of Small-Cap Stocks
Outperformance within the Small-Cap Space
Chapter Summary
Small-Cap Disadvantages
The Small-Cap Graveyard and Reverse Survivorship Bias
Capping Assets
Chapter Summary
Small-Cap Investment Philosophy and Process
Institutional Approach
Passive and Enhanced Indexing in Small-Cap Stocks
Active Management in Small-Cap Stocks
Chapter Summary
Small-Cap Manager Organization
Creating Value for the Manager
Launching a Small-Cap Firm
Investment Team
Chapter Summary
The Fund-Raising Process
General Marketing Strategy
Institutional Clients
Foundations and Endowments
Consulting Firms
Pension Plans
High-Net-Worth Individuals
Wrap Fee and Other Subadvisory Relationships
Third-Party Marketers
The Chicken-and-Egg Problem
Chapter Summary
Fees, Agency Issues, and Other Performance Drags
Common Performance Drags
Frictional Costs in Small Caps
Institution-Manager Agency Issues
Agency Issues in Trading
Benchmark Tyranny
Commingled and Separate Accounts
Chapter Summary
Small-Cap Managers and the Endowment Model
The Endowment-Model Approach to Small Caps
Finding an Edge
Funding Smaller Managers
Funding Emerging Managers
Finding Emerging Managers
Chapter Summary
Evaluating Small-Cap Managers
Institutional Due Diligence Teams
Assessing Manager Risk
Assessing Investment Philosophy
Analyzing a Manager's Process
Evaluating Firm Principals
Assessing Manager Operations
Contributions and Withdrawals
Chapter Summary
Final Thoughts
About the Author