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Full Description
Navigate the investment community with confidence to build great companies
The CEO's Guide to the Investment Galaxy by Sarah Keohane Williamson provides indispensable insights for business leaders navigating the landscape of the global investment community. Not all shareholders are created equal. Knowing who your shareholders and the other members of the investment community are—and what drives them—is key to your success. Whether you're stepping into a CEO role at an established company or spearheading a promising start-up, this guide demystifies the diverse members of the investment community you will encounter, from pension funds to private equity firms to proxy advisors, and provides practical advice to help attract the shareholders who can support you in building a great company.
Williamson draws on her extensive research of and experience with the investment community to deliver actionable strategies for engaging with shareholders and insulating your company from short-term pressures. The book offers a roadmap to effective communication and capital raising, helping you succeed in today's complex business environment—and fortify you against future challenges.
Inside the book:
Gain insights into the personalities, motivations, and strategies of various investor types
Learn effective communication tactics to manage investor expectations
Explore practical approaches to aligning your business with long-term investment goals
The CEO's Guide to the Investment Galaxy is written for CEOs, board members, business leaders, and entrepreneurs looking to deepen their understanding of the investor landscape to fuel long-term company performance. It's also invaluable for journalists, policymakers, investors, and students aiming to grasp the nuances of modern of corporate finance.
Contents
Foreword by Paul Polman ix
Preface xiii
Part I
The Investment Galaxy 1
Chapter 1
What Planet Am I On? 3
Chapter 2
Building Great Companies with Short-term Investors Is a Challenging Mission 7
Why Long-Term Capital Matters 9
The Cost of Short-Term Investors 12
Critical Choices for CEOs 15
Chapter 3
HOW INVESTMENT MARKETS WORK IN THE 21st CENTURY 17
How Markets Work Today 19
Portfolios Matter More Than Companies 21
Misalignments Between Companies and Their Shareholders 22
The Investment Galaxy: Big, Bewildering, and Full of Opportunity 25
Chapter 4
The Solar Systems of the Investment Galaxy 27
Asset Owners Own Your Company 29
Asset Managers Buy, Sell, and Sometimes Vote Your Shares 29
Control Investors Do More Than Invest 30
Financial Intermediaries and Commentators Have Influence, If Not Power 30
Standard Setters Make the Rules 31
The CEO's Journey 31
Part II
The Planets and Inhabitants of the Investment Galaxy 33
Chapter 5
Getting to Know the Asset Owners 35
Global Institutional Asset Owners: Quiet Giants 37
Local Institutional Asset Owners: Hometown Heroes 43
Endowments and Foundations: Iron Hand in a Velvet Glove 48
Families: The Keys to the Kingdom 53
The Traditional Retail Investor: Mom and Pop 58
Retail Meme Traders: The Reddit Crowd 63
State Shareholders: Keeper of the Crown Jewels 66
Chapter 6
Asset Managers Are the Buy-side 71
Active Managers: The Traditional Portfolio Manager 73
Index Funds: Supertankers of the Investment Galaxy 80
Pod Hedge Funds: Chess Players in Fleece Vests 86
Boutique Managers: Investment Seers 90
Short Sellers: The Skunks at the Picnic 94
Chapter 7
Control Investors Don't Just Invest 99
Activists: The Investor with a Megaphone 101
Private Equity: The Alpha Dogs of Today's Investment Galaxy 108
Venture Capital: Angels Who Can Determine Your Destiny 115
Private Credit: Not Your Old-Fashioned Banker 121
Strategics: Big Fish Eat Small Fish 126
Chapter 8
Intermediaries and Commentators Are Influencers 131
Sell-Side Analysts: Weather Forecasters 133
Investment Advisory Bankers: Millionaire Matchmakers 140
Proxy Advisors: Referees with No VAR 145
The Financial Press: Market-Savvy Reporters 151
Index Providers: The Market Sorting Hat 155
Chapter 9
Standard Setters Make the Rules 163
Regulators: A Cat and Mouse Game 165
Exchanges: Today's Buttonwood Tree 170
Lawyers: Signs of Caution 176
Part III
Voyages Through the Investment Galaxy 181
Chapter 10
JOURNEYS OF CEOs AND COMPANIES 183
Public Companies Taking Off into Clear Skies 185
Companies That Need to Change Direction 189
Going Public to Fuel up for the Long Journey Ahead 194
Landing on the Private Equity Planet 200
Accessing Foreign Capital Markets 205
Chapter 11
Your Destination Back on Earth 209
Afterword: the Mission of The Investment Community 213
Glossary: What Language Are These Aliens Speaking? 217
Notes 229
Acknowledgments 251
About the Author 253
Index 257
