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The Art of Execution

How the world's best investors get it wrong and still make millions

By Lee Freeman-Shor

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About the Author

Lee Freeman-Shor

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. ... Read more on Lee Freeman-Shor

Contents Listing

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
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 Hab ...

Jacket Text

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.

Videos

Professional Reviews

"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 Inglis-Jones, 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 Mid-Cap 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


Media Coverage

ValueWalk

Excerpt from: Lee Freeman-Shor. The Art of Execution: How the world's best investors get it wrong and still make millions (published by Harriman House)

The Art Of Execution - The Hunters: Pursuing ...

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IG Trading / New.Markets TV

Being a successful investor is all about discipline and being as unemotional as possible, according to fund manager Lee Freeman-Shor, speaking to news.markets in this Business Book Club video.

The ...

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Jeremy Prescott

The author manages multi-asset funds at Old Mutual Global Investors, and his book describes the different investing behaviours of professional fund managers in high conviction, ?best ideas? funds ...

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ValueWalk

The Art Of Execution - The Hunters: Hunting For The Compounding Effect by Lee Freeman-Shor

Apart from discovering that E=MC2, Einstein was also famous for saying:

?Compound interest is the most ...

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The Telegraph

You don?t have to get all or even most of your initial investments right to make money as an investor

When you look at your portfolio, what do you see? Is your eye drawn to the glaring red of that ...

Read more

Fidelity Investments Book of the Month

REVIEW BY OWEN JONES, FIDELITY PERSONAL INVESTING, 20 OCTOBER 2015

Lee Freeman-Shor is a fund-of-funds manager at Old Mutual Global Investors, one of the many fund partners available on our fund ...

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The Telegraph

It sounds impossible, but clever professionals can make a fortune even if less than half of their bets come off. It's all down to smart tactics - and private investors can use them too.

For ...

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The Telegraph

The small investor has as good a chance of reaping profits from shares as any professional fund manager ? if not better

"It?s a waste of time trying to pick your own shares ? City fund managers have ...

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Investing by the Books

I?m a terrible snob when it comes to investment literature. Books written for private investors rarely interest me. This is different. This might be the most important book on investments that a ...

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Valueprax

Professor Failure

What can we learn from failure? Aside from the fact that there?s an entire industry of business literature fetishizing the idea that it has much to teach us (as a kind of ...

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World Finance

VIDEO: Lee Freeman-Shor spoke to World Finance about why success in investment is less about spotting great ideas, and more about deploying good strategies.

In a seven-year personal experiment, ...

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World Finance

VIDEO: Investors often think the more time and money they plug into a business idea, the better the outcome. But a step too far and a failed enterprise is a costly thing. Could a bit of pessimism ...

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The AAII Journal

The investment ideas of the some of the greatest investors on the planet today are wrong most of the time, and yet they still make a lot of money.

How can this be? How can the world?s best investors ...

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Master Investor

Fund management is a funny industry. Numerous studies over time have shown that professional investors in charge of actively managed funds consistently fail to beat their benchmark. In other words, ...

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Financial Adviser

Reading a small paperback with a black cover entitled The Art of Execution on various train journeys over the Christmas and New Year period caused some interesting seat-shuffling reactions from ...

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Microcap Club

The Art of Holding
IAN CASSEL

Stocks rarely perform in the time frames we predict, and it’s why the market only works for investors that have a long-term portfolio focus. Performance is never ...

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