Active Investing in the Age of Disruption

Praise for Active Investing in the Age of Disruption The performance of active managers has come under pressure over the past decade and value investing has underperformed expectations. Evan Jones not only reveals the drivers behind this underperformance but also creates a roadmap for generating future alpha. Jones has successfully integrated many of his key investment principles into our investment process at DUMAC which has led to long term outperformance. Whether you are launching a start-up hedge fund or have decades of investing experience, you'll find value in the insights amassed from his diverse background-entrepreneur to hedge fund manager to endowment investor. -Neal Triplett, Chief Investment Officer, Duke University Management Company (DUMAC) Thinking of giving up on active management? Don't. In this combination memoir and how-to manual, Evan Jones shows how technological innovation and changing economic policies create new alpha opportunities-some of them very large-even as old ones disappear. A compelling read, peppered with words of wisdom from great investors of the past and present. -Laurence B. Siegel, Gary P. Brinson Director of Research, CFA Institute Research Foundation; author of Fewer, Richer, Greener: Prospects for Humanity in an Age of Abundance In the institutional investing world, already drowning in data and how-to tomes, it is refreshing to come upon a book that is insightful and accessible for practitioners of all levels of experience. Evan Jones has written just such a book. Investing for endowed institutions-serving both present and future generations-has become markedly more challenging in the 21st century. Jones lays out with clarity how we got where we are, what's important to know now, and what behaviors, practices, and principles are critical for investors and their clients to establish and live by in their quest for superior investment performance over the long term. A skilled practitioner experienced in long and short, active and passive, domestic and global, across multiple asset classes, Jones speaks with authority but in a straightforward manner with language that doesn't intimidate. -Thruston Morton, Founder, Global Endowment Management, LP Processing information is critical for driving strong investment returns. Historically, availability was an issue, but now the challenge is information overload. So how do investors process it all? Evan Jones solves this problem by providing a thoughtful adaptive learning approach to muffling the noise and focusing on what's relevant. As this dynamic continues to proliferate, his book will surely become increasingly valuable over time. -Joshua Pearl, Founder and CIO, Hickory Lane Capital Management LP; co-author of The Little Book of Investing Like the Pros and Investment Banking Evan Jones' Active Investing in the Age of Disruption reveals the secrets of how a successful endowment manager evaluates a portfolio manager and dissects their security selection and portfolio management process. This provides a useful template for allocators and high-net-worth individuals to use when evaluating potential investment managers, but also offers important insights to portfolio managers who are looking to raise capital from those same investors. -Paul D. Sonkin, former portfolio manager, The Hummingbird Value Fund and Gabelli Asset Management; co-author of Pitch the Perfect Investment