Competitive Advantage in Investing

A guide for building and sustaining portfolios that generate excess returns

Bridging the theoretical and the practical, Competitive Advantage in Investing presents new insights on how investors use their unique strengths and weaknesses to identify investment opportunities that are likely unavailable to their competitors. Investing is a competitive business, and, like any other business, creating competitive advantage is key to success. When the theory of competitive advantage is integrated with classic models of risk, return, and diversification, the result is a powerful strategy for understanding market behavior and generating financial performance.

This book examines key factors that determine investors’ areas of advantage, including

• Ability to expand into new areas or respond to investment opportunity
• Opportunities to leverage, deleverage, or tailor the risk and return in existing assets
• Access to information, competitive accounting scenarios, and tax advantages
• Regulatory and political advantages 

In practice, the highest performing portfolios specialize around their strengths. Until now, formal investment theory has ignored this market reality. This book is important for both academic and professional readers, showing why some portfolios consistently outperform others.

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