book reviews

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Book Review: Asset Rotation

Asset Rotation

Although the author’s argument heralding the demise of modern portfolio theory (MPT) seems weak, he offers a compelling argument for active management. Using exchange-traded funds (ETFs) and asset rotation, he demonstrates how to achieve a return superior to that of a passively managed fund that relies on MPT and index funds. Asset Rotation may well be a harbinger of an “investment renaissance” and the end of passive management. Read more

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Book Review: Wall Street Research

Wall Street Research: Past, Present, and Future

The story of sell-side security analysis is still unfolding, but for an up-to-date account, this book serves the reader extremely well. The authors provide illuminating examples of recent innovations in the production and distribution of research and offer valuable insight by applying economic models in novel ways. Read more

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Book Review: The Stewardship of Wealth

The Stewardship of Wealth: Successful Private Wealth Management for Investors and Their Advisors

Gregory Curtis investigates the aspects of stewardship of the wealth of prosperous families, but the book is intended not only for wealthy investors and their advisors but also for family office executives, portfolio strategists, wealth relationship managers, and even less wealthy private investors. Read more

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Book Review: Strategic Value Investing

Strategic Value Investing: Practical Techniques of Leading Value Investors

This book provides a broad overview of value investing and detailed implementation guidelines for a wide variety of value-investing disciplines. The book focuses more on guiding readers in selecting and applying their own approach to value investing than on stories of how the “gurus” achieved success. Read more

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Book Review: Performance Evaluation and Attribution of Security Portfolios

Performance Evaluation and Attribution of Security Portfolio

Highly recommended for professionals who evaluate portfolio managers (e.g., wealth managers, advisers, fund allocators), this book blends traditional concepts of portfolio evaluation with the latest academic findings. Unlike books that are either concerned exclusively with nuts-and-bolts issues or unduly theoretical, it provides an optimal balance for the benefit of both practitioners and academicians. Read more

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Book Review: Keynes’s Way to Wealth

Keynes’s Way to Wealth: Timeless Investment Lessons from the Great Economist

In this examination of the life and investment strategies of John Maynard Keynes, the author argues that the great economist and risk-taking investor believed that it is best to put your investing on autopilot with a sound plan that meets your goals — revisiting it once a year — and then go out and live your life. Read more

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Book Review: The Nature of Investing

The Nature of Investing: Resilient Investment Strategies through Biomimicry

Katherine Collins, CFA, urges us to transform the investment process from the roots up by drawing on biomimicry — a new discipline that studies nature’s best ideas and then imitates these designs and processes to solve human problems — to help us construct our investment portfolios. Read more

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Book Review: We Are Better Than This

Book Review: We Are Better Than This

The author conveys a deep appreciation of the workings of the US fiscal machine and how fiscal policy — government spending and tax revenue policy — affects every aspect of the economy. Most likely to interest financial analysts are the chapters that function as an instruction manual on the mechanics of fiscal policy. They draw on a large body of data and insightful analysis yet engagingly written in layman’s terms rather than economic jargon. Read more

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Book Review: Asset Management

Book Review: Asset Management

This highly engaging book will be warmly received by a wide audience. Anyone teaching entry-level finance should consider adopting it, and practitioners will be well rewarded by a close reading. It belongs on the front shelves of pension and endowment managers, who should read and reread the chapters on hedge funds, real estate, commodities, and private equity. Read more

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