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Über dieses Buch

Women invest differently than men. Collectively, their approach has proven profitable and reliable, and it outperforms the industry at large. The portfolio managers interviewed in this book exemplify the best traits that women investors tend to exhibit. Read Women of the Street to learn from them and start investing a little more like a girl.

Inhaltsverzeichnis

Frontmatter

The Research

Frontmatter

Introduction: “The Women”

In 2007, I traveled to Evanston, Illinois, to meet what had up to then been for me an urban legend of the alternative investment industry—women portfolio managers. Sure, I knew that women portfolio managers existed. I had tracked several women-owned or managed funds in various hedge fund databases for a few of my nine prior years in the industry. This was, however, my first in-person sighting.

Meredith A. Jones

1. The Feminine Investing Mystique

Why should an investor care whether a money manager wears Louboutins or loafers? Because money—how to keep it and how to make more of it—is on everyone’s mind. That’s why it pays to invest in the “broad” market. The research in this chapter is clear: women investors think about investing differently than men. They have a set of innate skills that can translate into higher returns on investments. These skills can foster not only better profits for investors but also more diversification within investment portfolios. If you want to be a better investor, or if you want better returns, you should try investing “like a girl.”

Meredith A. Jones

From Theory to Practice

Frontmatter

2. Aim Small, Miss Small: Targeting International Small-Cap Stocks

If you go target shooting with an instructor, one of the more useful pieces of advice you may get is “aim small, miss small.” The thinking is that if you point at a target, say, a mugger on the street, and miss, you could be in big trouble. Hello, angry mugger; good-bye, wallet. But if you aim for something small on that same mugger, like his or her heart, you may still miss, but you will have vastly improved your chances of actually hitting your target.

Leah Zell

3. Quite Contrary: Going Long in Mid-Cap Stocks

The phrase “against the grain” first came into use in 1607 when William Shakespeare included it in the play Coriolanus. Although it is generally accepted that the phrase derives from attempting to plane wood against the grain, causing it to fray rather than lie flat, there is actually no concrete origin story for the expression. Google “against the grain” today and you are just as likely to get barraged with gluten-free diatribes as to discover the source of this contrarian catchphrase.

Thyra Zerhusen

4. Getting Extra from Ordinary: Investing Long and Short in Micro- and Small Caps

Bill Moyers once said, “Creativity is piercing the mundane to find the marvelous.”1 And yet, when most people think about investing, they gravitate almost immediately to the extraordinary. Missing the next big thing—an Apple or Google or Microsoft— feels like a fate worse than death. Investing in mundane businesses is not only not sexy, it’s not as profitable, right?

Fran Tuite

5. She Blinded Me with Science: Investing in Biotech

Prior to the adoption of the Pure Food and Drug Act in 1906, quack medicine was largely the norm. With potions consisting primarily of water, alcohol, opium, and herbs, these “patent medicines” did little to advance good health, ease suffering, or heal disease. Do you have depression, epilepsy, constipation, kidney and bladder problems, or just general disability? Try H.T. Humbold’s Genuine Fluid Extracts.1 Lumbago, gout, or a sprained ankle got you down? There’s Stephan Sweet’s Infallible Liniment, made from, you guessed it, snake oil.2

Fariba Fischel Ghodsian

Credit Investing

Frontmatter

6. Puzzling It Out: Distressed Credit Investing

I still remember my first jigsaw puzzle. It was wooden and only had about eight pieces, but it was one of my favorite toys. On rainy days I can still recall the joy of working that puzzle, and the many that followed. Graduating from 50 pieces to 100 pieces to 1,000 pieces was milestone and a cause for celebration. If the puzzle had a lot of sky or ocean or other repeating patterns, so much the better.

Marjorie Hogan

7. The Simple Things: Relative Value and Directional Credit Investing

One of the favorite topics of magazine editors and blog writers is simplicity. Look online or in your favorite publication and you are likely to find a host of suggestions on how to strip away clutter, wasted time, unnecessary expenses, or anything that adds complexity or waste to our lives. Perhaps that’s why Leonardo da Vinci is rumored to have once quipped, “Simplicity is the ultimate sophistication.”

Olga Chernova

Private Markets

Frontmatter

8. In the Beginning: Seed and Series A Venture Capital Investing

Napoleon Hill, author of the wildly popular Think and Grow Rich, once said, “All achievements, all earned riches, have their beginning in an idea.”1 In the corporate world, those words are certainly true. Think for a moment about the origins of Apple, Inc. In the 1970s, we weren’t all breathlessly waiting for the next iPhone or iPad release. As recently as 1976, Apple consisted of three guys building hand-made computers that sold for $666.66 at places like the Homebrew Computer Club. Apple Computer Inc. Incorporated in 1977, received $250,000 in funding from multimillionaire Armas Clifford “Mike” Markkula, Jr., and then doubled its revenues in each of the subsequent four years before going public in 1980 at $22 per share, creating about 300 millionaires in the process.

Theresia Gouw

9. The Pragmatist: Growth Equity Investing

The word pragmatic is derived from the Latin pragmaticus, meaning “skilled in business or law,” and the Greek pragmatikos, meaning “fit for business, active, business-like, systematic.” 1 However, in the late sixteenth century, the word took on a much different connotation and was defined as “busy, interfering or conceited.” It wasn’t until the mid-nineteenth century that pragmatic returned to its original definition. In truth, however, disagreement over the definition of pragmatic exists even today. Synonyms range from practical and matter-of-fact to hardheaded. People proudly claim to be pragmatists, but some consider pragmatism a crime against humanity.

Sonya Brown

10. Mrs. Fix-It: Distressed and Turnaround Private Equity Investing

I’m not particularly proud of the fact that my first brush with distressed investing was in the movie Pretty Woman, in which Richard Gere plays corporate raider Edward Lewis. Lewis buys distressed companies, breaks them apart, and sells the pieces for profit. In the movie, hooker with a heart of gold Vivian (Julia Roberts) asks if his business ventures are like “stealing cars and selling them for the parts.” Gere replies, “Sort of, but legal.”

Raquel Palmer

11. Billion-Dollar Listings: Investing in Real Estate

Roughly two-thirds of Americans own their home,1 making real estate a significantly more popular investment than the stock market. In fact, for many investors, owning property is seen as part and parcel of the American dream, and the tangible nature of the investment is almost universally appealing. It’s not for nothing that Franklin D. Roosevelt once said, “Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world.”2

Deborah Harmon

Funds of Funds Investing

Frontmatter

12. The Sleuths: Fund of Funds Investing

Researching hedge funds is an exercise in finding clues and connecting dots. Because you are ultimately evaluating people, not products, there are no spreadsheets with definitive answers, and no price to earnings (P/E) ratios or valuations to guide you. For that reason, many investors turn to professional fund evaluators for assistance. These investment professionals, usually consultants or hedge fund of funds managers, provide the experience and analytical skills to solve the mystery of manager selection.

Connie Teska, Kelly Chesney

Investing As and Like a “Girl”

Frontmatter

13. Lessons from the “Broad Market”

Gender and investing is a sensitive subject. I have a lot of conversations with industry participants about why diversity is good for the financial industry and why diverse managers, particularly women, exhibit strong outperformance. These conversations invariably start off positively (“tell me more”), but often end up someplace altogether different.

Meredith A. Jones

Backmatter

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Es steht fest, dass Blockchain-Technologie die Welt verändern wird. Weit weniger klar ist, wie genau dies passiert. Ein englischsprachiges Whitepaper des Fintech-Unternehmens Avaloq untersucht, welche Einsatzszenarien es im Banking und in der Vermögensverwaltung geben könnte – „Blockchain: Plausibility within Banking and Wealth Management“. Einige dieser plausiblen Einsatzszenarien haben sogar das Potenzial für eine massive Disruption. Ein bereits existierendes Beispiel liefert der Initial Coin Offering-Markt: ICO statt IPO.
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