品牌：Michael Edesess
基本信息
·出版社：Berrett-Koehler Publishers
·页码：298 页码
·出版日：2007年
·ISBN：9781576754078
·条码：9781576754078
·装帧：平装
内容简介
在线阅读本书
In July 1971, Michael Edesess, having received a Ph.D. in mathematics,
started his first job, performing theoretical work on the stock market at a
major brokerage firm. Within months he realized something was askew. The
academic findings were clear and undeniable, but the firm--and the whole
industry--paid no real attention to them. Theories and evidence both showed
that professional investors could not beat market averages. A typical study
in The Journal of Finance concluded: "The evidence on mutual fund
performance discussed above indicates not only that ... mutual funds were
on average not able to predict security prices well enough to outperform a
buy the-market-and-hold policy, but also that there is very little evidence
that any individual fund was able to do significantly better than that
which we expected from mere random chance." Professional investors couldn't
even predict stock prices better than the nearest taxicab driver. Yet the
entire business was based on the falsehood that they could. It was as if
theoretical physicists knew the laws of thermodynamics but, nevertheless,
the business of engineers was selling plans for perpetual motion machines.
The Big Investment Lie is that an investor will gain by hiring professional
advisors and managers to beat the market. Widespread acceptance of this lie
allows an entire industry to prosper lavishly. But an investor will almost
surely lose--more than they imagine--by hiring professional help. Over a
long career Edesess observed, often aghast, often as a deeply-placed
insider, while the pitch for the Lie became more elaborate, and outlandish
fees for a worthless service actually increased. In The Big Investment Lie,
Edesess shows how to break free from this pervasive falsehood. By following
his Ten New Commandments for Smart Investing, investors will maximize their
long-run wealth and achieve their best possible financial future.
作者简介
MICHAEL EDESESS is an economist and mathematician with experience in the
investment field and in the energy and environment fields. He was a
founding partner and chief economist of the Lockwood Financial Group until
its sale for $200 million 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. Dr. Edesess has spoken at conferences on investment research and
taught international finance at the graduate school level, has been
published in The Wall Street Journal and The Journal of Portfolio
Management, and has been interviewed on CNBC. He was a Senior Fellow at the
University of Denver's Institute for Public Policy Studies and taught a
wide variety of courses as an adjunct professor.
编辑推荐
From Publishers Weekly
Having learned deceptive sales practices as a teenager selling magazine subscriptions, Edesess sold overpriced credit life insurance before becoming an investment adviser after a boss told him that "the way to make money is to handle money." By 2004, he found himself in Florida, failing to entice investors into a trading scheme that lost 80% over six months, when the company promoting the idea collapsed without paying him. That experience, he says, "provoked me to write" this book. But his pose as a reformed sinner is unconvincing. The how-to chapter on deceptive sales is more animated than his cursory review of academic literature arguing for low-cost, diversified, buy-and-hold strategies. He likes self-promoting investment failures, like the ones created by Charles Ponzi and the Beardstown Ladies, but disparages successful investors like Warren Buffett, Ed Thorp, George Soros and Julian Robertson. Edesses's most useful ideas are covered better in John Bogle's books, among others.(Jan.)
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.
点此购买报价￥148.50
