The Art of Execution: How the world's best investors get it wrong and still make

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It was only intended to make money, but it turned out to be the perfect experiment for discovering the true secrets of investing.

FORMATPaperback LANGUAGEEnglish CONDITIONBrand New Publisher Description

Over seven years, 45 of the world's top investors were given between $25m and $150m to invest by fund manager Lee Freeman-Shor. His instructions were simple. There was only one rule. They could only invest in their ten best ideas to make money. It seemed like a foolproof plan to make a lot of money. What could possibly go wrong? These were some of the greatest minds at work in the markets today - from top European hedge fund managers to Wall Street legends. But most of the investors' great ideas actually lost money. Shockingly, a toss of a coin would have been a better method of choosing whether or not to invest in a stock. Nevertheless, despite being wrong most of the time, many of these investors still ended up making a lot of money. How could they be wrong most of the time and still be profitable? The answer lay in their hidden habits of execution, which until now have only been guessed at from the outside world. This book lays bare those secret habits for the first time, explaining them with real-life data, case studies and stories taken from Freeman-Shor's unique position of managing these investors on a day-to-day basis.A riveting read for investors of every level, this book shows you exactly what to do and what not to do when your big idea is losing or winning - and demonstrates conclusively why the most important thing about investing is always the art of execution.

Author Biography

Lee Freeman-Shor currently manages over $1bn in High Alpha and Multi-Asset strategies. Lee was ranked as one of the world's top fund managers in Citywire 1000 in 2012. He has been AAA rated by Citywire, Gold rated by S&P Capital IQ fund research and is Bronze rated by MorningstarOBSR. He has been at Old Mutual Global Investors since October 2005 and was previously Co-Head of Equity Research. Prior to joining Old Mutual Global Investors Lee worked for Schroders, Winterthur and in private client wealth management and has over 16 years investment experience. Lee holds the Investment Management Certificate and has an LL.B (Hons) law degree From Nottingham Trent University. He currently lives in Maidenhead, England with his wife Michal and their son Adam. In his spare time he enjoys going to the movies and having fun with his family.

Table of Contents

Introduction Part I - I'm Losing (What Should I Do?) Introduction to Part I 1. The Rabbits: Caught in the Capital Impairment 2. The Assassins: The Art of Killing Losses 3. The Hunters: Pursuing Losing Shares Conclusion to Part I Part II - I'm Winning (What Should I Do?) Introduction to Part I 4. The Raiders: Snatching at Treasure 5. The Connoisseurs: Enjoying Every Last Drop Conclusion: The Habits of Success

Review

Fantastic...such a compelling read...There is a handful of investment books I wish someone had given me 30 years ago. This is one of them. -- Tom Stevenson, TelegraphThis book isn't really about investing, instead it's more of an exploration of human behaviour under different types of stress, and this is what makes the book fascinating...This book is written to appeal to all kinds of investors, and is bound to appeal to both the author's peers and to the inexperienced investor. -- Owen Jones, Fidelity Personal InvestingI think that you make a very good point, which is that there are many styles to investing as there are ways to go through life, but the person who knows his character, and is knowing of his environment and his investment horse, is the one that wins over the long term, provided that he is asked to make defined decisions, which strip the investor of his natural inclination to hedge his bets. -- Crispin Odey, hedge fund manager and founding partner of Odey Asset ManagementFascinating and instructive reading -- Jim Slater, TelegraphI am often asked by graduate students what books I have read that I could recommend they read to make the students better investors. My answer generally is that the student should read the Intelligent Investor and the Reminiscences of a Stock Operator; I will now add your book to the short list for students to read...I wish I had read this book thirty years ago! -- Dennis M. Bryan, Partner at FPA and a legendary investor in the USAAs investors we all know that we should let the winners run and cut the losers. The question is how this works in practice in investment management. Freeman-Shor provides a comprehensive framework how to deal with losing positions and how to make winning positions have a big positive impact on your portfolio returns. A great read for investment novices and professionals alike. -- Dirk Enderlein, partner and fund manager at WellingtonWith a unique insight into the day to day behaviours of some of the world's best fund managers Lee Freeman-Shor draws out some invaluable lessons for both the private and professional investor and lays bare the behavioural pitfalls we are all subject to in executing our investment ideas -- James InglisJones, fund manager at LiontrustI truly enjoyed reading your book. Not often I read a book that has so many relevant real-life examples. I also enjoyed reading the quotes very appropriate. You summarize a winning strategy in a very concise manner while backing it up with both examples and data. It is a must read for all managers and allocators. I will order my copy right away and will send some to our clients. -- Arik Ahitov, Managing Director and fund manager at FPAI really enjoyed reading it, although I have to say it was in some respects a chastening experience as - in spite of best efforts - there are times when I lapse into some of the negative behaviours you identify. I think the insights are terrific though and it will serve as an 'internal voice of conscience' forcing me to scrutinise execution and timing more thoroughly -- Daniel Nickols, fund manager and Head of UK Small and MidCap equities at Old Mutual Global InvestorsAn enjoyable and thought provoking read, from somebody with the real life evidence to back up the findings. An easy to read and enlightening study of behavioural finance, brought to life with real life experiences -- Kevin Lilley, Europe ex UK fund manager, Old Mutual global InvestorsIt is an interesting and easy read with useful insights for the private investor. -- Jeremy Prescott, Private InvestorThis might be the most important book on investments that a private investor can read. -- Mats Larsson, InvestingByTheBooks

Long Description

THE MISSION Over a period spanning seven years, 45 of the world's top investors were each given between $25 and $150m to invest by Lee Freeman-Shor. His instructions were simple. There was only one rule. They could only invest in their ten best ideas to make money. It seemed like a foolproof plan to make a lot of money. What could possibly go wrong? These were some of the greatest minds at work in the markets today - from top European hedge fund managers to Wall Street legends. WHAT WENT WRONG Most of the investors' great ideas actually lost money. Shockingly, a toss of a coin would have been a better method of choosing whether to invest in a stock or not. WHAT WENT RIGHT Despite being wrong most of the time, many of these investors STILL ended up making a lot of money. HOW COULD THEY BE WRONG MOST OF THE TIME AND STILL MAKE MONEY? The answer was their hidden habits of execution, which until now have only been guessed at from the outside world. This book lays bare the ins and outs of those secret habits for the first time, backed up with real-life data, case studies and stories taken from Freeman-Shor's privileged and unique position of managing these investors on a day-to-day basis. A riveting read for investors of every level, this book shows you exactly what to do (and what not to do) when your big idea is losing or winning - and demonstrates conclusively why the most important thing about your investing is always the art of execution

Review Quote

"Fantastic...such a compelling read...There is a handful of investment books I wish someone had given me 30 years ago. This is one of them." --Tom Stevenson, Telegraph "This book isn't really about investing, instead it's more of an exploration of human behaviour under different types of stress, and this is what makes the book fascinating...This book is written to appeal to all kinds of investors, and is bound to appeal to both the author's peers and to the inexperienced investor." --Owen Jones, Fidelity Personal Investing "I think that you make a very good point, which is that there are many styles to investing as there are ways to go through life, but the person who knows his character, and is knowing of his environment and his investment horse, is the one that wins over the long term, provided that he is asked to make defined decisions, which strip the investor of his natural inclination to hedge his bets." --Crispin Odey, hedge fund manager and founding partner of Odey Asset Management "Fascinating and instructive reading" --Jim Slater, Telegraph "I am often asked by graduate students what books I have read that I could recommend they read to make the students better investors. My answer generally is that the student should read the Intelligent Investor and the Reminiscences of a Stock Operator; I will now add your book to the short list for students to read...I wish I had read this book thirty years ago!" --Dennis M. Bryan, Partner at FPA and a legendary investor in the USA "As investors we all know that we should let the winners run and cut the losers. The question is how this works in practice in investment management. Freeman-Shor provides a comprehensive framework how to deal with losing positions and how to make winning positions have a big positive impact on your portfolio returns. A great read for investment novices and professionals alike." --Dirk Enderlein, partner and fund manager at Wellington "With a unique insight into the day to day behaviours of some of the world's best fund managers Lee Freeman-Shor draws out some invaluable lessons for both the private and professional investor and lays bare the behavioural pitfalls we are all subject to in executing our investment ideas" --James InglisJones, fund manager at Liontrust "I truly enjoyed reading your book. Not often I read a book that has so many relevant real-life examples. I also enjoyed reading the quotes very appropriate. You summarize a winning strategy in a very concise manner while backing it up with both examples and data. It is a must read for all managers and allocators. I will order my copy right away and will send some to our clients." --Arik Ahitov, Managing Director and fund manager at FPA "I really enjoyed reading it, although I have to say it was in some respects a chastening experience as - in spite of best efforts - there are times when I lapse into some of the negative behaviours you identify. I think the insights are terrific though and it will serve as an 'internal voice of conscience' forcing me to scrutinise execution and timing more thoroughly" --Daniel Nickols, fund manager and Head of UK Small and MidCap equities at Old Mutual Global Investors "An enjoyable and thought provoking read, from somebody with the real life evidence to back up the findings. An easy to read and enlightening study of behavioural finance, brought to life with real life experiences" --Kevin Lilley, Europe ex UK fund manager, Old Mutual global Investors "It is an interesting and easy read with useful insights for the private investor." --Jeremy Prescott, Private Investor "This might be the most important book on investments that a private investor can read." --Mats Larsson, InvestingByTheBooks

Details ISBN085719495X Author Lee Freeman-Shor Short Title ART OF EXECUTION Pages 208 Language English ISBN-10 085719495X ISBN-13 9780857194954 Media Book Format Paperback Year 2015 Imprint Harriman House Publishing Place of Publication Petersfield Country of Publication United Kingdom DEWEY 332.6 Edition 1st Subtitle How the world's best investors get it wrong and still make millions AU Release Date 2015-09-10 NZ Release Date 2015-09-10 Edited by Manolis Galanakis Birth 1974 Death 1937 Affiliation Paediatric Infectious Diseases Unit, Heraklion University Hospital, Crete, Greece Position Contributor Qualifications Ph.D. Publisher Harriman House Publishing Audience General Audience Age 18 Publication Date 2015-09-14 Translated from English Illustrations 1, black & white illustrations UK Release Date 2015-09-14 We've got this

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