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"In Postmodern Investment, the authors provide a thoughtful framework for investing in the current and evolving financial markets. They provide a critical, yet even-handed, examination of 'modern' investment theories and point out the complexities of today's markets that require that we go beyond traditional models and asset classes in designing portfolios. The authors also drill down to individual assets, both 'traditional' and 'alternative', to explore the underlying risk and sources of returns. Most ...
"In Postmodern Investment, the authors provide a thoughtful framework for investing in the current and evolving financial markets. They provide a critical, yet even-handed, examination of 'modern' investment theories and point out the complexities of today's markets that require that we go beyond traditional models and asset classes in designing portfolios. The authors also drill down to individual assets, both 'traditional' and 'alternative', to explore the underlying risk and sources of returns. Most importantly, the book focuses on the complex risks (those known and unknown) that can impact assets and portfolios, such as the risks added to structured products due to the business model and risk management of the product sponsor. This book is a must-read for anyone managing portfolios in today's dynamic environment."
—Tom Robinson, PhD, CFA, CAIA, CFP®, Managing Director, Education Division, CFA Institute
"I have waited years for a book that finally admits that investment firms sell the products that they can sell and not the ones they necessarily should and that academics often publish articles that are acceptable and not the ones that are difficult to accept. That wait is thankfully over. This book highlights the fact that individuals need to go beyond and break away from conventional thought to embrace a new investment reality. The authors have done a great service to the many investors who can use this book to educate themselves as to what is often hidden behind the curtain and how better to prepare themselves for the future."
—Florence Lombard, Chief Executive Officer, Chartered Alternative Investment Analyst Association (CAIA)
"Serious investment advisors and consultants would be well served by reading and absorbing the concepts in this groundbreaking book. We do indeed live in a postmodern investment environment where the certainties of the last 50 years seem more and more untrustworthy. The book provides a strong framework for investing in a different era, using different tools, evolving strategies, and alternative assets. Advisors and consultants need to free themselves from the past in order to best serve their clients in the future."
—Sean R. Walters, CAE, CEO / Executive Director, Investment Management Consultants Association (IMCA)
"It is not often when a finance book comes along that promises to free our minds from past mistakes and prejudices. The authors remind us to observe economic reality as it truly is, and not be blinded by accounting conventions, or by considerations of computational efficiency or regulatory convenience. This is a provocative, seminal work and represents iconoclasm in the best scientific tradition."
—Robert F. De Rito, PhD, SVP, Head of Financial Risk Management, APG Asset Management US
"This book serves as a sorely needed guidebook to the 'postmodern' world of investing. Equities have disappointed investors over the last decade with low returns and high volatility. Fixed-income investments now offer the lowest yield levels in 30 years. The book explores the features of the wider investment choice set we need today—including hedge funds, managed futures, commodities, and private equity as well as new approaches to risk management and asset allocation. It also addresses the myths and misconceptions that can lead investors astray and to high opportunity costs."
—Joanne M. Hill, PhD, Head of Investment Strategy, ProShares Advisors LLC
"Good books are informative; great books are provocative, fascinating, and well ahead of their time. The authors have the ability to poke holes in much of the 'theory' that the market frequently confuses as 'fact' and provides insightful analysis on the current 'toolkit' available to today's investors, as well as helpful advice on how to use those tools appropriately. It should form the foundation of any investor's collection of portfolio management reference material."
—Scott Welch, Senior Managing Director, Investment Research & Strategy, Fortigent, LLC
"Traditional investment approaches still dominate the professional fund management industry even though these approaches have often struggled to make sense of the world as it has evolved in the last few years. The authors emphasize issues in the underlying performance and risk of multiple asset classes as well as issues in the application of various risk management and asset allocation approaches. Rather than giving us a framework for operating in the world as it was supposed to be, it gives us a framework for dealing with the world as it actually is."
—William Dinning, Head of Strategy, Kames Capital
CHAPTER 1 Investment Ideas: Evolution or Revolution? 1
CHAPTER 2 Equity and Fixed Income: The Traditional Pair 31
CHAPTER 3 Hedge Funds: An Absolute Return Answer? 63
CHAPTER 4 Managed Futures: A Zero-Sum Game? 101
CHAPTER 5 Commodities: An Ever-Changing Balance 133
CHAPTER 6 Private Equity: Its True Value? 167
CHAPTER 7 Real Estate: The New World 199
CHAPTER 8 Asset Allocation: The Simple Way and the Hard Way 231
CHAPTER 9 Risk Management: An Oxymoron 257
CHAPTER 10 In Conclusion 285
About the Authors 299