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"What's Behind the Numbers? A Guide to Exposing Financial Chicanery"

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Waar moeten beleggers op letten als ze analyseren hoe actief een fonds is? Beide maatstaven zijn handig, maar alleen als onderdeel van een grotere set instrumenten. Beleggers moeten de active share vergelijken met de vergoedingen die het fonds vraagt. Een eenvoudige manier om dit te doen is het berekenen van de active fee — de expense ratio gedeeld door de active share.

De active share hangt ook af van de stijl en het beleggingsuniversum. Tot slot is de active share alleen een bruikbare maatstaf als je de juiste benchmark gebruikt voor het fonds.

Hoe effectief is uw maatstaf voor het identificeren van fondsen die waarschijnlijk een outperformance zullen genereren? Ons onderzoek is conceptueel en zorgt hopelijk voor interessante concepten en tools om beter te begrijpen wat beleggingsmanagers doen en welke resultaten je op basis daarvan kunt verwachten. Bovendien toont ons onderzoek aan, dat het eenvoudiger is de gemiddelde toekomstige underperformance van bepaalde groepen fondsen lage active share en duurder te voorspellen dan de toekomstige outperformance van andere groepen fondsen.

Een belangrijke conclusie is dat beleggers fondsen moeten vermijden met een lage active share en hoge vergoedingen. Hoe zou u te werk gaan bij het selecteren van een actief fonds? Hoe zwaar weegt u de active share mee in dat proces? Een hoge active share betekent dat de manager zijn vaardigheden met overtuiging toepast op een groot deel van de beleggingen in de portefeuille en dat er voldoende beleggingskansen zijn.

De vaardigheden van de manager worden er dus niet mee gemeten, maar het zegt alleen in welke mate hij aandelenselectie toepast. Daarom is deze maatstaf slechts een uitgangspunt. Ik denk dat er wat frictie nodig is, wat complexiteit voor de fondsmanager, om succesvol te blijven op de lange termijn. We ontdekten dat de meeste actieve managers niet heel geduldig zijn en de meeste geduldige managers niet heel actief. Onze conclusie was dat actieve managers met een geduldige benadering de sterkste outperformance lieten zien, wat overeenkomt met de limits to arbitrage-theorie van Shleifer en Vishny.

De Engelstalige versie van dit artikel was aanvankelijk gepubliceerd in ons magazine Quant Quarterly. Robeco maakt gebruik van cookies Robeco maakt gebruik van cookies om het bezoek van deze website te analyseren, om informatie te delen via social media en om de website en de advertenties af te stemmen op uw persoonlijke voorkeuren. Geduld en hoge active share zeldzame combinatie in vermogensbeheer Interview. Outside the city, the distance between factories made comparing labor conditions more difficult and slowed the organizing process.

The story of economic globalization just picks up from there: Management relocated production yet farther, to distant countries where workers were cheaper and executives did not have to be bothered with the odor of their sweat. Factories owned and managed by locals lent executives distance from the people and places that made their goods.

Wall Street pursued a similar strategy. Credit derivatives attenuated the connections between banks and the strapped homeowners who sent monthly payments to far away offices.

Whether they were sitting in jets or the high floors of skyscrapers, they saw the metropolitan landscape less as a place for living than as a differentiated field of profit-producing risk.

Cut afloat, the derivative world generates its own set of pleasures and rewards. Speculative tournaments, in both finance and gambling, offer the means to reap them. Traders will bet on anything. When I worked on the financial futures pits in Chicago, dealers filled the gaps between rounds of intensive trading with nonsense gambles. Who would come through the door next? Whose head will this paper airplane hit? In casinos and on dealing room floors, players ante their masculine self-possession with displays of calculative acumen.

Poker tournaments, high-level backgammon games, and bridge matches all demand mastery of social and financial risk. Banks and hedge funds often pluck prospective derivatives traders from the ranks of these competitors. The statistical approach that many of these gamers practice aligns trading and gambling techniques.

Ed Thorp, a king of quantitative trading, began his career as a physicist who played, and won, against the house in roulette and blackjack. Since his reign, younger and brasher contenders have carried tiny computers to the tables. For quantitative traders, markets offer a bigger and broader canvas for calculation than casino games. Wall Street brings together mathematical prowess and serious money; it is a giant gambling arena that also offers a way to pursue scientific truth. Quants use past market patterns to fashion signature deals based on mathematically obscure relationships among securities.

They develop strategies without reference to underlying debts or to companies that generate value. In their systems, the market is like the physical world. Subject to the laws of the universe, markets stand apart from the inelegant vagaries of the human actions that compose them.

If the market runs on laws of its own, quants aim to grasp its fundamental principles. Outrageous sums of money but also something more abstract: Profit proves mastery of the market code. The whirl of markets can also deliver more sensory satisfactions.

The architecture and technologies of both markets and casinos structure chaos, creating environments that spark flow experiences. In the heyday of open outcry trading, derivatives exchanges used just this language to justify the markets they made.

The pandemonium of the trading pits, they claimed, channeled market competition, helping buyers and sellers make deals as the prices of currencies, pork bellies, and stock indices rose and fell. In the pits, bodies crowded toward every bid shouting matching offers with red-faced tension. Now that derivatives markets have moved online, order seems to reign. Prices and lots blink across screens second by second in neat rows.

Gamblers, like traders, seek out the zone, and gambling spaces and technologies assist in the quest. Completely captivated by the swift shifts in their glowing cards, their sense of their own presence dissolves into the smooth motion of poker hands through time.

With credit cards racking up a tally and waitresses offering ample drink, gaming designers make sure that only bathroom breaks interrupt. Traders, like gaming designers, manipulate bodies, machines, and mental states to promote peak experience; and they pride themselves on the ability to delay the call of nature while they are holding a position.

In electronic dealing rooms, the computer interfaces draw traders into structured chaos in much the same way as machine gamblers. Like the video poker machine, the trading screen creates a window onto a minutely calibrated temporal landscape.

When I conducted fieldwork in a London dealing room, one trader developed acute tendonitis in his right index finger. With his attention sutured to the screen, the pain in his trading digit went unattended until the stabbing pains sent him to the surgeon. If you really evaluate that moment, the only thing that exists is the screen.

Traders help the screen along by exercising internal techniques to engage this state. In the language of the derivative world, traders describe the zone as communion.

Market money, for instance, is specific to dealing rooms. Traders can quickly total their gains and losses, but when trading they count in ticks, the market-assigned price interval for a financial product. Like poker chips, ticks are tokens that belong to an enclosed world.

Ticks establish distance from the consequences of a good or bad day on the floor and thicken the boundary between the market and the world beyond.

To achieve real discipline, the first step is to separate from life outside of the market. Responsibilities to pay mortgages and send their children to school draw attention away from the market in space and time. Families must be banished from thought. One trading room manager reported to me that he could always tell when his traders were having marital troubles.

Under pressure that draws minds and hearts toward home, discipline often fails and trades became erratic, he avowed. The market is a jealous God.

somebody that consistently

This essay may not be resold, reprinted, or redistributed for compensation of any kind without prior written permission. Please contact The Hedgehog Review for further details. W all Street is often compared to a casino. But what exactly does this mean? The popular press uses the association to tar the statistical whizzes and raucous traders of the financial world with the brush of illegitimate gains. The image also conjures a closed system in which each trade represents a zero sum game.

The house collects what the rubes ante up. As an anthropologist who studies the daily work and global technologies of financial traders, I have always resisted this comparison. Thousands of dealers trade in capital markets, each with their own strategies and time frames in mind. The system does not necessarily set their interests against each other directly. More importantly, moralizing often obstructs analysis. Those interested in political engagement will be far more effective once they develop an accurate picture of what Wall Streeters think they are doing.

Still, commentators across the political spectrum fling the comparison freely, and I often field requests to comment on its utility. A thought experiment, then, might indeed yield some surprises. After all, Erving Goffman used casino floors to understand how people reveal their character to themselves and to others. His insights into interaction, the story goes, helped him to break the house just as statistics and physics afforded Wall Street traders winnings as they tested their mettle on gaming room floors.

First, both are designed to operate as stages. Worlds nestled within worlds, casinos and financial markets heighten the action by regulating space differently from everyday life. Like casinos, Wall Street is a tightly bound site designed to draw in profitable materials from the exterior world while drawing out social distance. Operating remotely from their effects, casinos and financial markets direct their own systems of reward, building action around agonistic contests of calculation.

The action also focuses more individual satisfactions, offering access to states of flow, the absorption and exhilaration where all else falls away. Like casinos, financial markets are explicitly designed to be a world apart.

Geographically, though, Wall Street now lacks a single address. Its sites are dispersed across the metropolitan landscape and linked through fiber optic cable, cell signals, cars, and helicopters. Banks and trading floors have mostly moved to midtown Manhattan, clustered together with the high-end law firms that service their needs. Goldman Sachs maintains its downtown location, but now owns a tower in Jersey City. Homes of scale and decadence dot the wealthiest districts of the city, but also New Jersey, Westchester, and Connecticut.

Recently, financial firms made massive cutbacks, and investment bankers with big homes and large country club dues suddenly found themselves out of work. But for the survivors, those who disappeared have been quickly forgotten. Drivers in sleek private cars line the streets outside office buildings and town houses, waiting to shuttle money managers and dealers from site to site among these epicenters of financial profit and payoff. Bankers and traders seek their action within the closed confines of this social world.

Consequences—profits and reputations—are rendered within. The families and neighborhoods walloped by foreclosure remain distant, encountered only through a glimpse out the window of a limo.

As the housing bubble inflated, bankers saw only a steady stream of figures, newly initiated mortgages and refinanced home loans streaming into bank coffers.

These mortgages were ripe to be converted into tokens of exchange in the financial world. The story is now a familiar one: The numbers reduced the middle class dreams and lives of those Americans to simplified payments. Armed with models of default risk, bankers sliced and diced and bundled them together again.

Investment bank sales forces zapped these securities with market magic, seducing themselves and their investors with dreams of riskless trades, of loans that no longer pulsed with the longings and troubles of the borrowers. Working to cleave the world of homes and loans from the financial sphere, their inventions referenced but did not rely on the underlying economy and established their separateness and their dominance over the messy business of producing and distributing credit and running households.

Tacitly these instruments acknowledge an underlying truth: Risk tethers the lender to the borrower and to the local conditions of the loan.

Freed from the consequences of an economy failing to support poor and middle class homeowners, banks could inhabit their own world, generating more loan funds without sharing in the fate of the borrowers. Greater and greater distance spread between the management offices of the economy and the loans that drove profits, creating a sterile barrier between the financial theater and the grit and gore of the economy below. Or such was the fantasy.

The reverie of control without contact bears a long history and an extensive geography. As the late political economist David Gordon showed, since the turn of the twentieth century, industry bosses have been pushing production farther and farther away from their offices. Faced with the threat of demands from workers in dense urban centers, executives began to move their plants to the suburbs.

Outside the city, the distance between factories made comparing labor conditions more difficult and slowed the organizing process.

The story of economic globalization just picks up from there: Management relocated production yet farther, to distant countries where workers were cheaper and executives did not have to be bothered with the odor of their sweat.

Factories owned and managed by locals lent executives distance from the people and places that made their goods.

Wall Street pursued a similar strategy. Credit derivatives attenuated the connections between banks and the strapped homeowners who sent monthly payments to far away offices. Whether they were sitting in jets or the high floors of skyscrapers, they saw the metropolitan landscape less as a place for living than as a differentiated field of profit-producing risk.

Cut afloat, the derivative world generates its own set of pleasures and rewards. De active share hangt ook af van de stijl en het beleggingsuniversum. Tot slot is de active share alleen een bruikbare maatstaf als je de juiste benchmark gebruikt voor het fonds.

Hoe effectief is uw maatstaf voor het identificeren van fondsen die waarschijnlijk een outperformance zullen genereren? Ons onderzoek is conceptueel en zorgt hopelijk voor interessante concepten en tools om beter te begrijpen wat beleggingsmanagers doen en welke resultaten je op basis daarvan kunt verwachten.

Bovendien toont ons onderzoek aan, dat het eenvoudiger is de gemiddelde toekomstige underperformance van bepaalde groepen fondsen lage active share en duurder te voorspellen dan de toekomstige outperformance van andere groepen fondsen.

Een belangrijke conclusie is dat beleggers fondsen moeten vermijden met een lage active share en hoge vergoedingen. Hoe zou u te werk gaan bij het selecteren van een actief fonds? Hoe zwaar weegt u de active share mee in dat proces? Een hoge active share betekent dat de manager zijn vaardigheden met overtuiging toepast op een groot deel van de beleggingen in de portefeuille en dat er voldoende beleggingskansen zijn. De vaardigheden van de manager worden er dus niet mee gemeten, maar het zegt alleen in welke mate hij aandelenselectie toepast.

Daarom is deze maatstaf slechts een uitgangspunt. Ik denk dat er wat frictie nodig is, wat complexiteit voor de fondsmanager, om succesvol te blijven op de lange termijn. We ontdekten dat de meeste actieve managers niet heel geduldig zijn en de meeste geduldige managers niet heel actief.

Onze conclusie was dat actieve managers met een geduldige benadering de sterkste outperformance lieten zien, wat overeenkomt met de limits to arbitrage-theorie van Shleifer en Vishny. De Engelstalige versie van dit artikel was aanvankelijk gepubliceerd in ons magazine Quant Quarterly. Robeco maakt gebruik van cookies Robeco maakt gebruik van cookies om het bezoek van deze website te analyseren, om informatie te delen via social media en om de website en de advertenties af te stemmen op uw persoonlijke voorkeuren.

Geduld en hoge active share zeldzame combinatie in vermogensbeheer Interview. Ontdek de nieuwste inzichten. Gerelateerd aan dit artikel: Actief beheer Quant investing Vermogensallocatie. Grafiek van de week.

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"What's Behind the Numbers? A Guide to Exposing Financial Chicanery"