Some common mistakes you will no longer make after this course - Performance - General Introduction and Key Concepts | Coursera

포 엔터프라이즈 (For Enterprise)학생용

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Some common mistakes you will no longer make after this course - Performance

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Securing Investment Returns in the Long Run

제네바대학교

4.8(1,008개의 평가) | 25,000명의 학생이 등록함

투자 관리 특화 과정에서 5의 강좌 4

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In this course, you will learn about the famous dichotomy between active and passive investing, how to appropriately measure and analyze investment performance and what the future trends in the investment management industry are. You will first learn about absolute and relative performance, risk-adjusted returns and how to decompose investment performance. The focus will then shift to the two main categories of investment vehicles, active and passive funds, and what they entail in terms of expected performance. Finally, you will explore the worlds of sustainable finance, neurofinance and fintech, three areas of research that will shape the future of the investment management industry. You will also benefit from the insights of experts from UBS, our corporate partner, on the practical implementation of the various concepts we will develop in this course.

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Investment Management, Sustainability, Finance, Socially Responsible Investing

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4.8(1,008개의 평가)

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AB

2016년 9월 16일

I recommend this course for every one interested to understand the dynamics of financial markets and the future trends of financial markets and portfolio management

AG

2017년 2월 12일

Highly in depth and qualified lecturers who do brilliantly to break concepts down, especially Michel Girardin. Congratulations and thanks to all the staff involved

수업에서

General Introduction and Key Concepts

Welcome to the course and this introductory module! After reviewing some mistakes you will no longer make after following this course and some useful things to know before the course, we will dive into one of the main topics of this course: the active versus passive investment management debate.

Why you should choose this course8:42

Some common mistakes you will no longer make after this course - Performance6:18

Some common mistakes you will no longer make after this course - Selling8:23

강사:

University of Geneva- Tony Berrada
SFI Associate Professor of Finance
University of Geneva- Ines Chaieb
SFI Associate Professor of Finance
University of Geneva- Jonas Demaurex
Teaching Assistant
University of Geneva- Rajna Gibson Brandon
SFI Senior Chaired Professor of Finance and Managing Director of the GFRI
University of Geneva- Michel Girardin
Lecturer in Macro-Finance - Project Leader for the "Investment Management" specialization
University of Geneva- Philipp Krueger
SFI Assistant Professor of Finance
University of Geneva- Kerstin Preuschoff
Associate Professor of Neurofinance and Neuroeconomics
University of Geneva- Olivier Scaillet
SFI Senior Chaired Professor of Finance and Vice-dean (research) at GSEM
University of Geneva- Philip Valta
SFI Assistant Professor of Finance

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스크립트

[MUSIC] Hi there. In this video, we're going to have a look at some common mistakes you will no longer make once you've completed the course. And here I want to emphasize two, and they both deal with performance and what we do with it. I'm encounter this mistake quite often when I talk to investors. The first one deals with the fact that we tend to get pleased, to satisfy ourselves with just one number, generally, at the bottom end of the reporting of our bank accounts. And the number may say you're up 6% year-to-date. If you look at it like this, you say, wow, 6% since the beginning of the year, that's quite positive news, right? Then you sit and think about this for a minute, and you say okay, 6% a year-to-date but clearly, it makes a difference if we are early February, or if we are late November. So, that's the first obvious question that you should ask yourself to basically mitigate this 6% year-to-date. What does it mean really? Where are we in the year? Is that still positive news? But more importantly, what is the annual equivalent of that 6%? The next question you should ask yourself, if you've been having this account for many years, is how does that 6% compare with the previous years? So, are we above trend? Are we below trend? Is it something that really stands out? Or is purely in the average? Or possibly even below the average, okay? So not just look at one number but put that number in relation with a time trend. Okay, next and foremost, we need to compare this absolute number, the 6% number or whatever number, to some kind of yardstick, to some kind of measure which we can use as a norm and decide on whether that 6% is good or not so good. And here we have various possibilities we need, but we need to think of a benchmark. One common mistake I found is that, for instance, an individual, an investor, who has his portfolio which is invested globally, say, in European equities, in US equities, in equities from emerging markets, and so forth. But he has, say, the euro as reference and he lives in France. He lives in Paris. That he will compare himself to the [FOREIGN] which is the equity market index of the French stock markets, okay? But this is not very relevant because maybe the allocation to French equities in his portfolio is a mere 2%. And maybe the [FOREIGN] has been going up by 40%, in which case, he comes to his banker or his advisors and says what are you doing, 6%? The [FOREIGN] was up 40% this year. To which case, you have to mitigate the 40% and say French equities only account for 2% of your portfolio, okay? But more generally, what we should be comparing this number to, the 6% or whatever number, is to some kind of market index. So this can be an equity index, if we're talking about 100% equity portfolio, or a bond index, if it's a bond portfolio or a combination of both. So an index which combines equities and bonds by using the weights of your strategic asset allocation, you remember strategic, not tactical asset allocation. What else can you compare yourself to? Well, you can compare yourself to the competitions, there are indices, especially in the hedge fund sector, where you basically compare the performance of that of the competition. So in this case, if you pick a fund of fund, a fund of hedge funds, or you pick even a single hedge fund, then you may compare the performance to that of the peers, to that of the competition. Also, it's very important to compare that 6%, that absolute number, to the risk-free return. 6% may look good, but what about if the risk-free return on a savings deposit is something like 5.5%? Maybe that 6% does not look that good anymore, especially if that 6% has been achieved with, and that's the last point, huge risk. So if the manager takes huge risk and he's only rewarded, and we'll see how we can measure this in this course, only rewards you by an extra 50 basis points i.e., 0.5% from 5.5 to 6% but taking huge risk? You may not be very happy, because okay, that huge risk delivered some positive return, but very tiny in relation to the risk which was taken. So risk-free, again, if it's high, the 6% may not do that good. So again, it is very important to compare a single return performance number to some kind of norm, to decide whether it looks good. Is it really good as it seems? In the next video, we're going to have a look at another mistake, which I encounter also very often. [MUSIC]

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