No professional investing advice is good advice. This hard-hitting book proves it with indisputable facts drawn from scientific research and the author s own thirty-five years of experience in the investment industry. Michael Edesess exposes The Big Investment Lie : that an investor will gain by hiring professional advisors to beat the market. He proves that no professional investment advisor or manager has ever consistently and predictably beat market averages, not even Warren Buffett. While The Big Investment Lie allows an entire industry to prosper lavishly, investors invariably lose when…mehr
No professional investing advice is good advice. This hard-hitting book proves it with indisputable facts drawn from scientific research and the author s own thirty-five years of experience in the investment industry. Michael Edesess exposes The Big Investment Lie : that an investor will gain by hiring professional advisors to beat the market. He proves that no professional investment advisor or manager has ever consistently and predictably beat market averages, not even Warren Buffett. While The Big Investment Lie allows an entire industry to prosper lavishly, investors invariably lose when they hire professional help.
Once you know the truth, you ll want to adopt Edesess s Ten New Commandments for Smart Investing, simple rules you can follow to invest, get a profitable return, and avoid squandering any more of your hard-earned dollars on bogus expertise.
MICHAEL EDESESS is an accomplished mathematician and economist with experience in the investment, energy, environment, and sustainable development fields. He was a founding partner in 1994 and chief economist of the Lockwood Financial Group until its sale to the Bank of New York in September 2002. Previously an independent consultant to institutional investors, his clients included several of the largest investment banking and consulting firms. His areas of expertise cover the range of applications of mathematics to investments, including performance and risk measurement; Monte Carlo methods for asset-liability, asset allocation, and pension planning models; dynamic hedging using futures and options; effective style mix determination; backtesting; and quadratic portfolio mean-variance optimization. Dr. Edesess has spoken at conferences on investment research and taught courses in international finance, economics, mathematics, statistics, systems analysis, and environmental policy at four universities. He has been published in the Wall Street Journal and the Journal of Portfolio Management and has been interviewed on CNBC.
Inhaltsangabe
Preface Introduction: Excuse Me, Is This the Real World?
Part I: How Much You Pay 1. The Beardstown Ladies versus the Professionals 2. The Extraordinarily High Cost of Investment Advice 3. The Outer Limits: Hedge Fund Fees 4. Taxes Down the Drain 5. Why Do We Give Golden Crumbs to Rich People?
Part II: How Little You Get 6. Why Investment Professionals Can t Predict Markets 7. The Abject Failure of Professional Advisors and Managers 8. The Market Can Turn on a Dime 9. The Claims of Money Managers: Smoking Our Brand Prevents Cancer 10. Idle, Greedy Hands and Too Much Data Do the Devil s Work 11. The Simple Rules of Nobel Prize Winners 12. There s No Such Thing as a Free Lunch 13. Investment Genius or the Thousandth Coin?
Part III: How You Are Sold 14. Effective Pitches to Sell the Big Lie 15. How Investors Delude Themselves 16. How Hedge Funds Operate and Are Sold 17. How Consultants and Money Managers Sell to Institutional Investors 18. Derivatives: The Good, the Bad, and the Ugly 19. The Modern Slippery Slope of Business Ethics Conclusion: The Ten New Commandments for Smart Investing Notes Glossary Bibliography Index About the Author
Preface Introduction: Excuse Me, Is This the Real World?
Part I: How Much You Pay 1. The Beardstown Ladies versus the Professionals 2. The Extraordinarily High Cost of Investment Advice 3. The Outer Limits: Hedge Fund Fees 4. Taxes Down the Drain 5. Why Do We Give Golden Crumbs to Rich People?
Part II: How Little You Get 6. Why Investment Professionals Can t Predict Markets 7. The Abject Failure of Professional Advisors and Managers 8. The Market Can Turn on a Dime 9. The Claims of Money Managers: Smoking Our Brand Prevents Cancer 10. Idle, Greedy Hands and Too Much Data Do the Devil s Work 11. The Simple Rules of Nobel Prize Winners 12. There s No Such Thing as a Free Lunch 13. Investment Genius or the Thousandth Coin?
Part III: How You Are Sold 14. Effective Pitches to Sell the Big Lie 15. How Investors Delude Themselves 16. How Hedge Funds Operate and Are Sold 17. How Consultants and Money Managers Sell to Institutional Investors 18. Derivatives: The Good, the Bad, and the Ugly 19. The Modern Slippery Slope of Business Ethics Conclusion: The Ten New Commandments for Smart Investing Notes Glossary Bibliography Index About the Author
Rezensionen
Edesess speaks as only an insider could. The evidence is that all of the complex, expensive strategies sold by active money managers simply are not worth the cost. This book provides simple, effective guidelines for a successful investment experience for everyone. David Booth, Chairman, Chief Executive Officer, President, and Chief Investment Officer, Dimensional Fund
With wit and accuracy, and based on years of personal experience, Edesess provides clear and easy advice that will help you add substantial value to your portfolio. George Case, consultant and analytical software pioneer
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