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Aligning Investor, Asset Manager Interests in the Pursuit of Long-Term Investment Success

6 December 2017 - The not-for-profit organization’s stated goal is to encourage investors, such as pension plans, to look at allocations through a longer-term lens. It brought together working groups of global institutional investors and asset managers to discuss...

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A Guide to Long-Term Mandates

5 December 2017 - The FCLT paper, Institutional Investment Mandates: Anchors for Long Term Performance, includes a top-10 list of recommendations for long-term mandates that covers fees, benchmarks, the term of the contract and performance reporting. It gives investors...

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Beating Analysts’ Expectations or Simply Cooking the Books?

16 November 2017 - Earnings move markets. Last month, the Nasdaq enjoyed its biggest one-day gain in a year following blowout earnings from technology giants Amazon, Google and Microsoft. However, while earnings can highlight underlying economic trends, they can...

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The False Prophet of ‘Long-Term Investing’

12 October 2017 - A decade to the day since the precrisis peak of U.S. stocks, it has become easier and easier for investors to take a long-term view. Those who bought on the day the S&P 500 hit...

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Can Companies be Persuaded to Think Long Term?

8 June 2017 - In a 2011 article, McKinsey & Company chief Dominic Barton called on his global counterparts to adopt a longer-term approach to business planning in the wake of the financial crisis of 2007-2008. Two years later,...

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Four Questions with FCLT

7 June 2017 - Sarah Williamson, CEO of not-for-profit initiative Focusing Capital on the Long Term, explains why quarterly guidance should be abolished and how IROs can get insightful feedback from investors....

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Letters to the Editor

2 March 2017 - Schumpeter’s recent column on corporate short-termism suggests that “the solution is to prod incumbent firms to invest vast amounts and insulate their managers from investors” (February 18th). On the contrary, the solutions should be much...

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Corporate Short-Termism is a Frustratingly Slippery Idea

16 February 2017 - AS AMERICA’S economy has misfired over the past decade, several grand theories have emerged about what went wrong. Economists fret about secular stagnation, debt hangovers and whether demography explains sluggish growth. In American boardrooms, meanwhile,...

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Is Corporate Short-Termism Really a Problem? The Jury’s Still Out

16 February 2017 - If they do, as many CEOs believe, this is a serious indictment of current corporate governance arrangements and has important policy implications. To take one close to my heart, if short-termism causes underinvestment, it will...

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