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1、PagexiPREFACEWhyasecondedition?Whytaketimefrombusylives?Whydevotetheenergytoimprovinganexistingtextratherthanwritinganentirelynewone?Whytoywithsuccess?Theshortansweris:ourreaders.WehavebeenextremelygratifiedbyActivePortfolioManagement'sreceptionintheinvestmentcommunity.Thebookseem
2、stobeontheshelfofeverypracticingoraspiringquantitativelyorientedinvestmentmanager,andtheshelvesofmanyfundamentalportfoliomanagersaswell.Butwhileourreadershaveclearlyvaluedthebook,theyhavealsochallengedustoimproveit.Covermoretopicsofrelevancetotoday.Addempiricalevidencewhereappropr
3、iate.Clarifysomediscussions.ThelongansweristhatwehavetriedtoimproveActivePortfolioManagementalongexactlythesedimensions.First,wehaveaddedsignificantamountsofnewmaterialinthesecondedition.NewchapterscoverAdvancedForecasting(Chap.11),TheInformationHorizon(Chap.13),Long/ShortInvestin
4、g(Chap.15),AssetAllocation(Chap.18),TheHistoricalRecordforActiveManagement(Chap.20),andOpenQuestions(Chap.21).Somepreviouslyexistingchaptersalsocovernewmaterial.Thisincludesamoredetaileddiscussionofrisk(Chap.3),dispersion(Chap.14),marketimpact(Chap.16),andacademicproposalsforperfo
5、rmanceanalysis(Chap.17).Second,wereceiveexhortationstoaddmoreempiricalevidence,whereappropriate.Atthemostgenerallevel:howdoweknowthisentiremethodologyworks?Chapter20,onTheHistoricalRecordforActiveManagement,providessomeanswers.Wehavealsoaddedempiricalevidenceabouttheaccuracyofrisk
6、models,inChap.3.Atthemoredetailedlevel,readershavewantedmoreinformationontypicalnumbersforinformationratiosandactiverisk.Chapter5nowincludesempiricaldistributionsofthesestatistics.Chapter15providessimilarempiricalresultsforlong/shortportfolios.Chapter3includesempiricaldistribution
7、sofassetlevelriskstatistics.PagexiiThird,wehavetriedtoclarifycertaindiscussions.Wereceivedfeedbackonhowclearlywehadconveyedcertainideasthroughatleasttwochannels.First,wepresentedatalksummarizingthebookatseveralinvestmentmanagementconferences.1"SevenQuantitativeInsightsintoActiveMa
8、nagement"presentedthekeyideasas:1
