EDESESS: BIG INVESTMENT LIE|报价￥148.50|图书,进口原版,Business & Investing 经管与理财,Economics 经济,Michael Edesess

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

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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.)

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