Applied Portfolio Management: How University of Kansas Students Generate Alpha to Beat the Street
DescriptionWhen investment professional Kent McCarthy returned to teach at his alma mater, the University of Kansas, he planted the seeds for the Applied Portfolio Management (APM) program—a course that allows students to manage a real money portfolio, which has compiled a remarkable record of investment success. Now, with this book, you’ll discover how to use the concepts covered in this class—from understanding the fundamental drivers of business success to buying at the right price—to enhance your own investment skills.
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Part One. Introduction to the Applied Portfolio Management Class.
Chapter 1. APM History.
In the Beginning.
How do Beginning Investors Think?
Student Groups – Short-Term Investing and Portfolio Contests.
Getting Close to the Information.
Onions, Poker, and Ants.
What about the Ants?
Things to Come.
Chapter 2. APM Guidelines.
Professional Money Managers.
Tactical Asset Allocation and Sector Benchmarking.
Chapter 3. Conventional Wisdom.
Diversification and Risk.
Chapter 4. How Students Find An Investment Edge.
Build Your Own Information Network.
Chapter 5. Alpha, Sigma, Beta.
APM's Risk and Reward.
The Risk-Return Trade-off.
Other Risk Measures.
Appendix. Risk and Return Calculations.
Part Two. Building an Investment Case.
Chapter 6. Many Ways to be a Successful Investor.
Common Traits of Successful Investors.
Chapter 7. Prepping for a Case.
Understand the Business.
Ready to Write the Case.
Appendix. 10-K Requirements.
Chapter 8. Writing a Case.
Chapter 9. Gazing into the Crystal Ball.
Pro Forma Statements.
Pro Forma Financial Statements and Free Cash Flow.
Building a Pro Forma.
Chapter 10. Valuation.
Discounted Cash Flow Valuation.
Investing is Dynamic.
Appendix. Discounted Cash Flow Formulas.
Part Three. Class Specials.
Chapter 11. Investing in China.
Financial Systems in China.
Raising Equity in China.
Company Example - China Green.
Chapter 12. It's a Big World (After All).
Appendix. Valero's Numbers.
Chapter 13. Local Biases.
American Italian Pasta (PLB).
Novastar Financial (NFI).
Inergy, L.P. and Inergy Holdings, L.P.
Tortoise Capital Advisors (and more about Inergy).
Chapter 14. Making Corporate Governance Pay.
Chapter 15. It's All About Who You Know.
The Last Word.
About the Authors.