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The Incredible Shrinking Alpha 2nd edition
Active managers persistently lag the returns of benchmarks and index funds that track them, with the excuses for underperformance recycled every year. This comprehensive book is the antidote for the active managers’ siren song. If you understand the benefits of indexing, or systematic investing, it will reinforce your commitment while increasing your knowledge. If you don’t yet believe, Swedroe and Berkin provide a compelling case that you’re playing the loser’s game of active management. Alpha, or outperformance against appropriate risk-adjusted benchmarks, is shrinking as it gets converted into beta, or factor exposures. They demonstrate that even for the most talented managers, th...
Your Complete Guide to Factor-Based Investing
There are hundreds of exhibits in the investment "factor zoo." Which ones are actually worth your time, and your money? Andrew L. Berkin and Larry E. Swedroe, co-authors of The Incredible Shrinking Alpha, bring you a thorough yet still jargon-free and accessible guide to applying one of today's most valuable quantitative, evidence-based approaches to outperforming the market: factor investing. Designed for savvy investors and professional advisors alike, Your Complete Guide to Factor-Based Investing: The Way Smart Money Invests Today takes you on a journey through the land of academic research and an extensive review of its 50-year quest to uncover the secret of successful investing. Along t...
The Incredible Shrinking Alpha
Alpha still exists! But that doesn't mean it is easy to find, or even worth the pursuit. Larry Swedroe, author of the bestselling series of "The Only Guide" investment books, and co-author Andrew Berkin bring you the quantitatively chilling tale of "The Incredible Shrinking Alpha." As aficionados of classic science fiction, Swedroe and Berkin saw similarities between the monumental struggle of Scott Carey, novelist Richard Matheson's Incredible Shrinking Man, and that of every individual investor trying to beat the market. Swedroe and Berkin explain in academic yet simple terms what is happening to the alpha for which so many investors yearn. Offering compelling data from decades of academic research, Swedroe and Berkin present the hard truth as they know it - it's not worth the time or effort spent battling to win those few extra cake crumbs. Instead, focus on the things you can control and discover what life has to offer beyond the quest for alpha.
Private Wealth
An in-depth examination of today's most important wealth management issues Managing the assets of high-net-worth individuals has become a core business specialty for investment and financial advisors worldwide. Keeping abreast of the latest research in this field is paramount. That's why Private Wealth, the inaugural offering in the CFA Institute Investment Perspectives series has been created. As a sister series to the globally successful CFA Institute Investment Series, CFA Institute and John Wiley are proud to offer this new collection. Private Wealth presents the latest information on lifecycle modeling, asset allocation, investment management for taxable private investors, and much more...
Asset Management
Stocks and bonds? Real estate? Hedge funds? Private equity? If you think those are the things to focus on in building an investment portfolio, Andrew Ang has accumulated a body of research that will prove otherwise. In this book, Ang upends the conventional wisdom about asset allocation by showing that what matters aren't asset class labels but the bundles of overlapping risks they represent.
Integrated Wealth Management
This book is an examination of the management of portfolios of high net worth individuals (HNWIs). Jean L.P. Brunel identifies the factors which demand a different approach from that of traditional portfolio management strategy. He suggests a new approach to wealth management, proposing practical steps which will take you beyond the role of portfolio manager to that of "wealth manager". Punctuated by examples and case histories from the author's extensive experience, the book examines each aspect of wealth management in detail, such as the importance of investor psychology; how to maximize tax efficiency including a tax-efficient portfolio construction model; the implications of multiple asset locations; capital market opportunities and forecasting; strategic asset allocation; the importance of manager selection; and the multimanager approach. This ground-breaking book should show you the route to a more effective wealth management strategy. By understanding the needs of the individual investor, maximizing the tax efficiencies and applying a fully integrated approach you can become a successful "wealth manager." -- Publisher description.
The New Wealth Management
Mainstay reference guide for wealth management, newly updated for today's investment landscape For over a decade, The New Wealth Management: The Financial Advisor's Guide to Managing and Investing Client Assets has provided financial planners with detailed, step-by-step guidance on developing an optimal asset allocation policy for their clients. And, it did so without resorting to simplistic model portfolios, such as lifecycle models or black box solutions. Today, while The New Wealth Management still provides a thorough background on investment theories, and includes many ready to use client presentations and questionnaires, the guide is newly updated to meet twenty-first century investment...
Tax Management, Loss Harvesting, and Hifo Accounting
Virtually all companies and individuals are faced with the management of taxable assets. To manage these assets efficiently, investors need to be aware of the impact of taxes on investment returns. In the study we report in this article, we quantified the benefits of loss harvesting and highest in, first out (HIFO) accounting by using Monte Carlo simulations and investigated the robustness of these strategies in various markets and with various cash flows and tax rates. We concluded that a market with high stock-specific risk, low average return, and high dividend yield provides more opportunities to harvest losses. In addition, a steady stream of contributions refreshes a portfolio and allows the benefits of loss harvesting to remain strong over time. Conversely, withdrawals reduce the advantages of realizing losses. Our findings show that no matter what market environment occurs in the future, managing a portfolio in a tax-efficient manner gives substantially better after-tax performance than a simple index fund, both before and after liquidation of the portfolio.
Portable Alpha Theory and Practice
As an original innovator of the portable alpha concept, PIMCO has been managing an increasing number of different portable alpha strategies for investors since 1986. And now, with Portable Alpha Theory and Practice, the PIMCO team shares their extensive experiences with you. Filled with in-depth insights and expert guidance, this reliable resource provides an informative look at portable alpha and key related concepts, as well as detailed discussion on the many ways it can be applied in real-world situations.
