The Economist Guide To Investment Strategy (3rd Edition): How to understand markets, risk, rewards and behaviour - Softcover

Peter Stanyer

3.31

188 ratings by Goodreads

9781781250723: The Economist Guide To Investment Strategy (3rd Edition): How to understand markets, risk, rewards and behaviour

Softcover

ISBN 10: 1781250723 ISBN 13: 9781781250723

Publisher: Profile Books, 2014

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Supported by numerous charts and detailed analysis, The Economist Guide to Investment Strategy outlines how to construct investment strategies appropriate for individual investors.

It looks at risk and comes with wealth-warnings for those who wish to explore more sophisticated and fashionable investment approaches, and it emphasises the importance of taking into account insights from behavioural analysis as well as the principles of traditional finance. It highlights how habitual patterns of decision-making can lead any of us into costly mistakes, and it stresses how markets are most dangerous when they appear to be most rewarding.

The book is in two parts:

The big picture

Setting the scene - including might I have been suckered by Madoff?

Understanding your behaviour - including why do we rely on lazy shortcuts?

Market investment returns - including who can investors trust to provide a safe haven?

How investor strategies evolve - including what has changed since the financial crisis?

The time horizon and the shape of strategy: keep-it-simple - including are government bonds and some equities all you need?

Implementing more complicated strategies

Setting the scene - including does an illiquid investment mean a premium return?

Equities - including are high returns just a reward for taking more risk ?

Credit - including do changes in credit spreads echo stock market volatility rather than bankruptcy risk?

Hedge funds - including when will investors routinely get decent hedge fund risk statistics?

Private equity - including are excessive fees strangling the goose that laid the golden eggs?

Real estate - including should I buy REITs or bricks and mortar?

Art and investments of passion - including how the Federal Reserve and the internet have boosted prices of fine art and classic cars.

In addition, there is a glossary and other useful appendices.

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About the Author:

Peter Stanyer is an independent investment economist. He advises two UK private wealth managers and serves on the investment committees of three large UK pension funds (chairing one of them) and of a college endow- ment. He began his career as a professional economist working at the Bank of England and then the IMF, and for the past 25 years he has worked with individuals, families and institutions from around the world on investment strategy and investment risk management.

Elroy Dimson is Emeritus Professor of Finance at London Business School. He chairs the Strategy Council for the Norwegian Government Pension Fund, chairs the Policy Committee for FTSE Group and co directs the Centre for Endowment Asset Management at Cambridge Judge Business School. His publications include Triumph of the Optimists, Endowment Asset Management and the Global Investment Returns Yearbook. He has been an associate editor of Journal of Finance, Review of Finance and other journals.

Review:

Successfully translates sophisticated academic thinking into simple, intuitive principles that can be used by both individual and institutional investors. These principles are all the more valuable as Stanyer applies them to the full range of asset classes and investment strategies available today.” John Campbell, Morton L. and Carole S. Olshan Professor of Economics, Harvard University

Over the years I've had the privilege of reviewing many investment books, but this is unquestionably one of the best. Every financial planner, wealth manager, broker, investment adviser and serious individual investor owes it to themselves to carefully read this extraordinary book.” Harold Evensky, President, Evensky & Katz LLC

Peter Stanyer stands out as an extraordinarily clear thinker and he carries that clarity through to his writing in this book on, for example, hedge funds. In addition he is tremendously good at explaining what works best in establishing and adapting an investment strategy. This is a book every Chief Investment Officer should read.” Roger Urwin, Global Head of Investment Content, Towers Watson

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