Howard Presents to CFA

09 December 2009

Dr. Howard presented some of the foundational elements of Strategy Based Investing to the CFA Society of Colorado during its December 2009 meeting.

In conducting intensive research in the area of active equity investment selection, Dr. Howard has uncovered a number of conclusions, such as:

  1. Superior stock picking skill is common among active equity fund managers
  2. Over-diversification explains why the average manager under-performs
  3. The style grid does not capture the return factors of importance to managers
  4. Investment strategy does capture exploitable return factors
  5. Keys to superior performance:
    • consistent pursuit of a narrowly defined strategy
    • best idea concentration

A PDF version of Dr. Howard's presentation can be downloaded by clicking on the image below:

Dr. Howard has been a CFA Institute curriculum reviewer since January 2009.