Practical analysis for investment professionals

Book Reviews


Book Review: The End of Theory

The End of Theory by Richard Bookstaber is relevant to anyone working in the financial industry.

Book Review: Gaining Currency

This work is effectively two books in one: (1) an account of the rise and internationalization of the renminbi and of its prospects for continued ascendancy over the near term and the medium term and (2) a concise description of the various vehicles for investing in Chinese assets.

Book Review: Money in the Great Recession

In this important contribution to the literature, noted monetary macroeconomists argue that the global financial crisis of 2007–2008 was caused by a crash in money growth.

Book Review: Behavioral Risk Management

The author proposes debiasing techniques that can improve the practice of operational risk management by countering behavioral biases.

Book Review: Adaptive Markets

The concepts presented in Adaptive Markets relate to all types of investors, assets, and markets. Andrew Lo reviews efficient markets, the random walk, and standard risk/reward measures in investments.

Book Review: Winning the Loser’s Game

This book’s greatest value to investment professionals is its analysis of the organizational dynamics of institutional investing.

Top Five Articles from September: The Value Factor, Non-Retirement, Finance and Civilization

A defense of modern portfolio theory (MPT) by Nathan Erickson, CFA, CAIA, and Richard Stott; Nicolas Rabener's analysis of the value of factor investing; and an examination of the non-retirement phenomenon by Barbara Stewart, CFA, were among the leading posts from last month.

Book Review: The Power of a Single Number

Gross domestic product has become the comparative benchmark for the wealth and growth rates of nations. The author provides a concise history of GDP, which offers fertile ground for the consideration of future changes to its use and to the use of other inputs in the valuation of stocks and stock markets.

Book Review: Economics for Independent Thinkers

Economics for Independent Thinkers is useful to practitioners who make economic forecasts. Investment strategist Daniel Nevins, CFA, recounts becoming a skeptic about the application of quantitative methods to economics and about standard prediction methods, such as the lagging nature of consumer confidence surveys. He especially disdains economists who strive to make reality fit their models.

Book Review: Empire of the Fund

William Birdthistle provides a witty description of mutual fund design and categorizes its imperfections entertainingly, offering more palatable alternatives. This slender volume is a welcome addition to the library of the professional and retail investor alike.



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