Rational Investing: The Subtleties of Asset Management (Columbia Business School Publishing)
| Author | : | |
| Rating | : | 4.79 (706 Votes) |
| Asin | : | 0231177348 |
| Format Type | : | paperback |
| Number of Pages | : | 240 Pages |
| Publish Date | : | 2017-03-07 |
| Language | : | English |
DESCRIPTION:
Jacques Lussier is president of IPSOL Capital. Previously he was portfolio manager at Desjardins Asset Management. Hugues Langlois is assistant professor of finance at HEC Paris and a cofounder of IPSOL Capital. He is the author of Successful Investing is a Process (2012). Before, he was chief investment strategist at Desjardins Asset Management. He presided CFA Society Montreal and is a board member and president of the investment committee of Retraite Qu&eacu
(Anurag Sharma, University of Massachussetts–Amherst) . This book takes a refreshing perspective: To excel at investment management, it is essential to identify the structural components of performance as well as the challenges of successfully executing on each component. Essentials include identifying long-run return sources you understand and can believe in, cost-effectively constructing well-diversified portfolios across them while respecting your constraints, and avoiding common behavioral pitfal
With clear examples from model multi-asset-class portfolios, Langlois and Lussier show how to implement performance drivers like institutional investors with access to extensive resources, as well as nonprofessional investors who are constrained to small-scale transactions. There are few investment products, whether traditional or alternative, discretionary or systematic, fundamental or quantitative, whose performance cannot be analyzed through this framework. In Rational Investing, finance professor Hugues Langlois and asset manager Jacques Lussier present the current state of asset management and clarify the conundrum of luck versus skill. Many investors believe that success in investing is either luck or clairvoyance. Langlois and Lussier illuminate the structure of financial markets and the mechanics of sustainable investing so any investor can become a rational player, from the nonprofessional investor with a basic knowledge of statistics all the way to seasoned investment professionals wishing to challenge their understanding of the asset management industry.. The core of Rational Investing is a framework for smart investing built around three performance drivers: balancing exposure to risk factors, efficiently diversifying bad luck, and taking advantage of relative mispricings in financial markets