The Investment Writing Handbook. How to Craft Effective Communications to Investors. Wiley Finance

  • ID: 4290603
  • Book
  • 216 Pages
  • John Wiley and Sons Ltd
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Praise for The Investment Writing Handbook

"An exhaustive, highly useful book featuring plenty of instructive examples that will serve anyone who writes for the investor."
Darla Hastings, Global Head, Marketing, Thomson Reuters Former Chief Marketing Officer, MSCI

"A vital companion for investment firms seeking to foster productive relationships with their clients, address their concerns, and establish a strong communication practice."
Paul Galant, CEO, Verifone Systems Former CEO, Citi Enterprise Payments

"A blueprint that advances the communications profession by offering effective techniques for simplifying complex investment matters, making them accessible and engaging, and conveying the value of investment services ethically and transparently."
Jerry Webman, Former Chief Economist, OppenheimerFunds Author of MoneyShift: How to Prosper from What You Can′t Control

"A valuable source of counsel tackling the most delicate aspects of substance, style, and tone when communicating to the investor."
David Maya, Partner, Financial Services, Oliver Wyman

"A handbook that does an excellent job describing how to craft communications for investors, and from which I personally learned a great deal."
Wesley R. Gray, PhD, CEO, Alpha Architect Co–Author of Quantitative Momentum

"A trenchant guide that provides clear, tangible direction for all communicators in the investment–management business."
Stephen Tisdalle, Chief Marketing Officer, State Street Global Advisors

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Preface xi

Introduction: For Whom Is This Handbook, and Why? xiii

Acknowledgments xv

About the Author xvii

CHAPTER 1 The Building Blocks of Investment Writing 1

What s Investment Writing All About? 1

Applying Journalistic Principles to Investment Writing 2

The Five Ws and the Pyramid Principle 3

Inquisitiveness 4

Proactive Idea Generation 6

The Strategic Purposes of Investment Writing 7

Note 8

CHAPTER 2 Writing for Investor Acquisition and Retention 9

Framing Your Investment Proposition as the Solution to a Problem 11

Step 1: Define Your Offering 12

Step 2: Identify Your Client s Problem 12

Step 3: Acknowledge the Problem 14

Step 4: Frame Your Offering to Address the Investor s Concerns 14

Investor Retention: It s All in the Communication 15

Opportunities for Retentive Communications 17

Facts Are Key for Reassuring Your Investors 19

Other Considerations for Reassuring Investors 27

Notes 31

CHAPTER 3 Writing for Intermediaries 33

How Intermediaries Expect You to Communicate 34

Communicate on a Consistent Basis 34

Crystallize the Details of Your Firm s Offerings 35

Provide Timely, Turnkey Investment Literature 35

Keep Your Communications Targeted 37

Intermediaries Don t Have It Easy, So Help Them Out 38

CHAPTER 4 Stylistic Considerations for Investment Writing 39

Setting the Appropriate Style 41

The Desired Image and Voice an Investment Firm or Professional Wishes to Project 42

The Type of Literature Being Written 43

The Investor s Presumed Knowledge about the Subject Matter 47

On Using Jargon 48

Refrain from Explaining Certain Jargon to Highly Sophisticated Investors 49

Distinguish Between the Three Broad Levels of Investment Literacy 50

Alternatives to Explaining Jargon 52

Cut Through Extraneous Technical Detail 53

If You Risk Being Vague, Err on the Side of Clarity 54

Introduce Fresh Alternatives to Trite Jargon 56

Be Discerning about Nuance 58

Use Plain Language Even If It s Technical 62

Piquing Investors Interest 64

Forge a Compelling Storyline for Your Piece 64

Craft Alluring Headlines 64

Incorporate Storytelling and Anecdotes 66

Animate Your Writing with Quotations, Metaphors, and Other References 66

The Value of a Style Guide for Investment Writing 67

Key Areas to Cover in Your Firm s Style Rules 68

Syntax, Wording, and Formatting 68

First–Person Pronouns and Possessives 69

Chart Labeling 70

International Considerations 70

Inessential Words 71

Cumbersome Constructions 72

Legal Considerations 72

Tone 73

Principles for Creating Scannable Copy 75

Addressing Common Language Mistakes 75

A Parting Note on Style 76

Notes 76

CHAPTER 5 Developing an Architecture of Investment Content 77

Part 1: Foundational Literature 78

Firm–Overview and Investment–Capabilities Brochures 78

Strategy and Product Profiles 84

Packaging Your Strategy or Product Profile with Other Literature 107

RFP Responses 107

Pitch Books 114

Case Studies 117

Topical Brochures 121

Concluding Foundational Literature with a Call to Action 126

Part 2: Intellectual Capital 126

The Strategic Use of Intellectual Capital 127

The Elements of Intellectual Capital 131

The Packaging of Intellectual Capital 132

The Process of Writing Long–Form Literature 140

Part 3: Educational Literature 144

Part 4: Digital and Social Media 147

Part 5: Shareholder Communications 149

Fund–Performance Commentary 150

Now That You ve Mapped Architecture 152

Notes 153

CHAPTER 6 How to Simplify Complex Investment Subjects 155

Think Bits Not Pieces 155

Visualize the Idea for Your Readers 157

Start with a Preamble 158

Lay Out a Table 160

Use a Frame of Reference, Analogy, or Metaphor 160

Give an Example 162

Note 162

CHAPTER 7 How to Make Investment Writing Legally Compliant 163

Avoid Absolutes, Superlatives, and Definitive Statements 165

You Can Be Predictive But Not Promissory 167

Be Specific Enough for Clarity Yet General Enough to Accommodate Exceptions 170

Time–Stamp Anything That s Impermanent 171

Cherries Are Not for Picking and Securities Come at a Price 171

Negotiate Gray Areas with Your Legal Reviewer 172

Use Caution When Navigating Word Subtleties 174

Avoid Redundant Qualifications 174

Unless You re Permitted, Do Not Dispense Investment Advice 175

Social (Media) Butterflies Are Not Exempt from Regulatory Requirements 176

Consult a Legal Specialist When Writing about Investment Performance 177

Seek Ways to Streamline the Legal Review 177

Diversify Your Language 178

On Legalities, Creativity, and Integrity 179

Notes 179

Epilogue: Where Investment Writing Is Headed in the Twenty–First Century 181

Index 185

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Assaf Kedem
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