Book Reviews

The more I’ve read about investing, the more I’ve come to see picking actively managed mutual funds as an unproductive endeavor. In the hope of finding some evidence to the contrary, I recently read Fund Spy: Morningstar’s Inside Secrets to Selecting Mutual Funds that Outperform by Russel Kinnel, Director of Mutual Fund Research at Morningstar. [...]

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I recently read Zvi Bodie’s Worry-Free Investing. It’s a brief book that makes basically one argument. Bodie (a Professor of Finance and Economics at Boston University) points out that the reason stocks have high expected returns is that they’re risky. And no matter how long we hold them, there’s always a chance that that risk [...]

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I recently finished reading David Swenson’s Unconventional Success: A Fundamental Approach to Personal Investment. (For those unfamiliar with Swenson: he’s Yale University’s Chief Investment Officer.) The book is broken down into three sections: Asset Allocation Market Timing Security Selection Asset Allocation The first section is a thorough run-down of each asset class, discussing various characteristics [...]

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I recently finished reading Bill Bernstein’s The Intelligent Asset Allocator. In the introduction to Bernstein’s most recent book (The Investor’s Manifesto), he describes The Intelligent Asset Allocator as a failed attempt at writing a plain-English guide to prudent investing: I was gratified with the response to it, both among academics and general readers. Sadly, I [...]

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It’s always fun to hear that one of your favorite authors has released a new book. Given that William Bernstein’s The Four Pillars of Investing is quite literally my favorite book on investing, you can imagine how eager I was to read his newest release: The Investor’s Manifesto: Preparing for Prosperity, Armageddon, and Everything in [...]

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