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Quest for Alpha The Holy Grail of Investing

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ISBN-10: 0470926546

ISBN-13: 9780470926543

Edition: 2011

Authors: Larry E. Swedroe

List price: $21.99
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The final word on passive vs. active investingThe debate on active investing-stock picking and market timing-versus passive investing-markets are highly efficient and almost impossible to outperform-has raged for decades. Which side is right? In The Quest for Alpha: The Holy Grail of Investing, author Larry E. Swedroe puts an end to the debate, proving once and for all that active investing is likely to prove futile as the associated expenses-costs, fees, and time spent analyzing individual stocks and the overall market-are likely to exceed any benefits gained. The book Presents research, data, and quotations that reveal it's extremely difficult to outperform the market Explains why…    
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Book details

List price: $21.99
Copyright year: 2011
Publisher: John Wiley & Sons, Limited
Publication date: 2/4/2011
Binding: Hardcover
Pages: 208
Size: 5.75" wide x 8.75" long x 0.80" tall
Weight: 0.682
Language: English

Larry E. Swedroe graduated from New York University with an MBA in finance. He is the author of "What Wall Street Doesn't Want You to Know, Rational Investing in Irrational Times," and "The Successful Investor Today," Swedroe lives in St. Louis, Missouri, where he is a principal in the firm of Buckingham Asset Management.

The Holy Grail
The Quest Begins
Mutual Funds: The Evidence
When You Wish upon a Morningstar
Focus Funds
Active Management of Bond Funds
Skill versus Luck
Who Cares about the Average Fund?
With Active Managers, How Long Is Long Enough?
Advice from Professional Investors and Academics
Admissions from Industry Practitioners and the Financial Media
Pension Plans: The Evidence
Counterproductive Activity
The Value of Consultants
The Performance of Funds Offered by 401(k) Plans
Fund Selection Skills
Please Don't Do Something, Stand There
Advice from Professional Investors
Admissions from an Industry Practitioner
Hedge Funds: The Evidence
The Problems with Hedge Funds
Advice from Professional Investors and Academics
Private Equity/Venture Capital: The Evidence
Characteristics of Private Equity Returns
Bias in the Data
Advice from a Professional Investor
Individual Investors: The Evidence
Investment Returns versus Investor Returns
Advice from Professional Investors and Academics
Admissions from Industry Practitioners and the Financial Media
Behavioral Finance: The Evidence
There Is Smoke, but No Fire
The Tyranny of the Efficient Markets
Further Evidence
The Failed Quest
The Value of Behavioral Finance
Even Smart People Make Mistakes
Admissions from Industry Practitioners
Why Persistent Outperformance Is Hard to Find
The Quest for Alpha Is a Game Played on a Different Field
Successful Active Management Sows the Seeds of Its Own Destruction
Closet Indexing
Concentration and the Role of Trading Costs
The Role of Trading Costs
Drifting Out of Small Caps
Encore Performances
Who Gets the Money to Manage?
The Value of Economic and Market Forecasts
The Value of "Expert" Judgment
We All Want to Believe
The Value of Security Analysis
Buy, Sell, or Hold?
The Hurdles Are Getting Higher
Advice from Professional Investors and Academics
Admissions from Industry Practitioners and Academics
The Prudent Investor Rule
The Prudent Investor Rule
The American Law Institute
The Uniform Prudent Investor Act
Whose Interests Do They Have at Heart?
Advice from Professional Investors
Admissions from Industry Practitioners and Academics
A Triumph of Hope over Experience
The Arithmetic of Active Management
The Math Is Always the Same
The Costs of Active Investing
The Cost of Cash
An Expensive Quest
How to Play the Winner's Game
Indexing Is More than the S&P 500 Index
Does Passive Investing Produce Average Returns?
Needs versus Desires
Pascal's Wager
The Yale Endowment Fund
The Way to Win Is Not to Play
The Quest for the Holy Grail
The Winner's Game
Rules of Prudent Investing
Doing It Yourself
Sources of Data
About the Author