The Concentration Manifesto with CEO & Founder of Alpha Theory
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The Concentration Manifesto with CEO & Founder of Alpha Theory

When: Tuesday, June 20th, 2017
From 12:00 PM until 1:30 PM
Where: Golden Gate University
536 Mission St
San Francisco, California  94105
United States
Contact: 4153941964

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The Concentration Manifesto:

The Concentration Manifesto, in brief, suggests that fundamental managers (“stock pickers”) limit their investments to just 10-30 positions for four reasons:

I. EMPIRICAL PROOF: The data shows that active managers generate positive alpha when picking 10 stocks but have negative alpha when picking 100+ stocks.
II. MENTAL CAPITAL: Each manager has a limited supply of mental capital to deploy and must protect it as much as their financial capital.
III. GREAT IDEAS ARE HARD TO FIND: Finding more than 30 positive expected return ideas is incredibly difficult.
IV. INVESTORS DON’T NEED YOUR DIVERSIFICATION: Allocators do not need an individual fund’s diversification and low volatility because they get it by investing in multiple funds. 

If the current trend continues, active managers should expect lower fees and more assets lost to passive management. The time to take control is now. It is much easier to stop the trend with action; than to gain back fees and capital after they’re lost.


Chief Executive Officer & Founder of Alpha Theory
Prior to founding and developing Alpha Theory in 2005, Cameron worked as an equity research analyst for 10 years, covering primarily technology companies and supporting over $20B in transactions for firms such as Lehman Brothers, CIBC (NYSE: CM) and Credit Suisse First Boston (NYSE: CS) before joining Afton Capital Management, a $200M long-short equity hedge fund, in 2002. He currently sits on the boards of several funds and financial technology start-ups as well as the UNC-Chapel Hill Business School Investment Fund. Cameron earned his Business degree from the University of North Carolina at Chapel Hill and became one of the youngest ever to receive the Chartered Financial Analyst (CFA) designation in 1999. It was on the buy-side that Cameron became aware of the avoidable mistakes investment managers were making causing lost performance and he vowed to solve the problem. When he told his grandmother why he was starting Alpha Theory, she looked at him and asked, "You mean they're not doing this already?" and he knew at that moment he had a responsibility to help bring about a change in the industry. Today, Cameron spends his time deepening his knowledge on important topics in behavioral finance, decision sciences, portfolio management and acting as a thought leader to investment managers on investment process "best practices" through direct communication at conferences and seminars, on TV and Radio, and through the written word. Cameron is an avid golfer, Citi-biker, runner, a technology early-adopter, magician (he taught his three year old and one year old daughters to love sushi) and a die-hard Tarheel fan.


CFASF Members: $25

Nonmembers: $40



Continuing Education:
This event qualifies for 2 hours of continuing education credit for CFA Charterholders


Cancellation Policy
Please contact with at least 24 hours notice to receive a full refund.