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

Name: Small-Cap Advantage How Top Endowments and Foundations Turn Small Stocks into Big Returns
Price: 28.82 USD
Availability: InStock
ISBN: 9780470615768

ISBN-10: 0470615761

ISBN-13: 9780470615768

Edition: 2011

Authors: Brian Bares

List price: $39.00

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Description:

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…

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



Introduction


Acknowledgments



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


Research


Trading


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


Databases


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


Notes


About the Author


Index