Feedback on a book project

I would like to ask for your help in giving me some feedback. Over the years, I have watched as a number of experienced friends and colleagues move from the sell side to the buy side and struggle with the business realities of the money management business. Their problems were mainly attributable to the fact that there is a lot more to investment management than knowing what to buy and sell. I have posted on this topic (see part 1 , part 2 and part 3 ). I decided to work on a book outlining some of the issues surrounding the business of investment management, as training in this topic seems to be severely deficient. Just as dentists come out of dental school knowing all about dentistry, but most don’t know anything about running a dental practice, analysts come out of business school knowing little about investment management. I have outlined a table of contents for the proposed book. I would welcome any comments from investment professionals or MBA students in business programs. How do you feel about this topic? Is there anything else that I should address? Please leave your feedback in the comment section or email me at cam at hbhinvestments.com . ------------------------------- Table of Contents Introduction: Just because you can cook doesn’t mean you can run a restaurant Investment management is a business, treat it that way. Part I: The Investment Process Chapter 1: The investment process is the production line of your business Selection: Deciding on what to buy and sell Portfolio construction: How much do you buy and sell? Portfolio Implementation: Trading is a game of inches Review and Control: Putting it all together Chapter 2: Product Engineering and the Client Relationship Benchmark Learning to actively listen Building a client relationship benchmark is the key to business risk management The defined benefit pension plan client The individual client The Family Office client The hedge fund trader Introducing the Factor Analyzer Chapter 3: Portfolio construction and optimization The fundamental law of active management Why use a portfolio optimizer Portfolio construction the fundamental way Quantitative risk models have many flavors Stupid quant tricks, or how to use risk models Sizing your stock bets The cautionary tale of manager A: When to use optimization Chapter 4: Trading is a game of inches The best execution standard Legal, regulatory and ethical considerations Measuring execution costs Trading intelligently: No one-size-fits-all solution Chapter 5: Troubleshooting your portfolio The Deming system Measure, measure, measure! Is selection positive? But portfolio performance negative? Dealing with difficult or unexpected macro environments Learning from failure Investment philosophy, business model and business risk Part II: Marketing and Client Relationship Management Chapter 6: Marketing to gatekeepers The due diligence process: The 5Ps Maintaining discipline to stay on message The mutual fund gatekeeper The consultant gatekeeper Chapter 7: Managing client relationships Business risk management Client reporting and communication: telling your story Being proactive to build relationships Using clients for product development The portfolio dispersion conundrum The investment process change conundrum Part III: Hedge Fund Operations Chapter 8: So you want to start a hedge fund? The hedge fund business model The business plan The hedge fund startup organization: personnel functions and requirements Legal structure and financial structure Operational issues The hedge fund due diligence process Risk control Managing the process well enough to grow and survive