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The Investor's Paradox: The Power of Simplicity in a World of Overwhelming Choice, by Brian Portnoy
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Investors are in a jam. A troubled global economy, unpredictable markets, and a bewildering number of investment choices create a dangerous landscape for individual and institutional investors alike. To meet this challenge, most of us rely on a portfolio of fund managers to take risk on our behalves. Here, investment expert Brian Portnoy delivers a powerful framework for choosing the right ones – and avoiding the losers.
Portnoy reveals that the right answers are found by confronting our own subconscious biases and behavioral quirks. A paradox we all face is the natural desire for more choice in our lives, yet the more we have, the less satisfied we become – whether we're at the grocery store, choosing doctors, or flipping through hundreds of TV channels. So, too, with investing, where there are literally tens of thousands of funds from which to choose. Hence "the investor's paradox": We crave abundant investment choices to conquer volatile markets, yet with greater flexibility, the more overwhelmed and less empowered we become.
Leveraging the fresh insights of behavioral economics, Portnoy demystifies the opaque world of elite hedge funds, addresses the limits of mass market mutual funds, and discards the false dichotomy between "traditional" and "alternative" investments. He also explores why hedge funds have recently become such a controversial and disruptive force. Turns out it's not the splashy headlines – spectacular trades, newly minted billionaires, aggressive tactics – but something much more fundamental. The stratospheric rise to prominence and availability of alternative strategies represents a further explosion in the size and complexity of the choice set in a market already saturated with products. It constitutes something we all both crave and detest.
The Investor's Paradox lights a path toward simplicity in a world of dangerous markets and overwhelming choice. Written in accessible, jargon-free language, with a healthy skepticism of today's money management industry, it offers not only practical tools for investment success but also a message of empowerment for investors drowning in possibility.
- Sales Rank: #831856 in Books
- Published on: 2014-01-07
- Released on: 2014-01-07
- Original language: English
- Number of items: 1
- Dimensions: 9.43" h x .95" w x 6.43" l, .95 pounds
- Binding: Hardcover
- 256 pages
Review
“There are a dozen or so classic books on picking stocks, a task relatively few individual investors do today. In contrast, there have been no great texts--until now--explaining how to pick fund managers, a task almost every investor, from the richest hedge fund buyer to the smallest 401(k) participant is tasked with doing. Brian Portnoy has produced the first great text on picking fund managers. It not only includes decades worth of valuable insights, it's also one of the best written investment books you'll ever find.” ―Don Phillips, Morningstar
“The Investor's Paradox is totally original, thoroughly engaging, and remarkably well written. It must be considered an important contribution to the literature on how we make decisions about investments in the real world. This book is consistently insightful and often entertaining, offering many examples based on Portnoy's broad experiences. Novice and expert investors alike should take heed of Portnoy's major accomplishment.” ―Emmanuel Roman, CEO, Man Group
“The investment bookshelves are littered with recommendations on picking stocks and allocating assets. The Investors' Paradox addresses the far more relevant topic of manager selection, and it does this superbly. Building from his deep understanding of human behavioral biases, Portnoy's structured approach to evaluating skill cuts through the noise of past performance and marketing materials to deliver a clear and creative framework for choosing investment advisors. Also a gifted writer, Portnoy has written a classic. Highly recommended for anyone making investment decisions.” ―Mark Carhart, Chief Investment Officer, Kepos Capital
“The Investor's Paradox has arrived at just the right time. We face an unprecedented amount of choice in implementing investment strategies, and this insightful book helps filter out the noise to home in on what matters when making these critical decisions, whether you are a sophisticated allocator or an individual investor. I can't think of a better book on how to choose the best investment experts.” ―Ted Seides, Co-Chief Investment Officer and President, Protege Partners
“The Investor's Paradox... demystifies the opaque world of hedge funds. Portnoy offers practical advice on the limits of mass-market mutual funds and the false dichotomy between "traditional" - long-only mutual funds - and "alternative" investments such as hedge funds.” ―The Philadelphia Enquirer
About the Author
Brian Portnoy, Ph.D., CFA, is a veteran of the hedge fund and mutual fund industries. He is currently the Director of Investment Education at Virtus Investment Partners, a multi-asset platform of boutique investment managers who deliver a broad array of investment solutions. In that role, Brian leads the firm's educational initiatives for clients and financial advisors related to sound investing and effective decision-making. Over the previous 15 years, he held senior strategy, investment, and research roles at Chicago Equity Partners, Mesirow Financial, and Morningstar. Brian is a regular contributor at Forbes.com and Yahoo! Finance, speaks about investing and decision-making to audiences all over the world, and has lectured on the history and future of hedge funds at the U.S. Securities and Exchange Commission as part of their Leading Authors series. Brian pursued his research and teaching interests in political economy at the University of Chicago, where he earned his doctorate. He earned his B.A. from the University of Michigan. Brian holds the Chartered Financial Analyst (CFA) designation, is a member of the Economic Club of Chicago, and is active in various charitable activities on Chicago's north side, where he lives with his wife and children.
Most helpful customer reviews
16 of 18 people found the following review helpful.
The behavioral economics of choosing a fund manager
By Johnxkenny
Short review: If you're thinking about how your money is managed (and I can't imagine who isn't) read this. It combines front line experience on how to choose fund managers, with the latest thinking on the mistakes investors make when choosing and how to avoid these mistakes.
Long review: Behavioral economics is already transforming public policy, marketing and healthcare. I've been using behavioral economics professionally for many years, leveraging its insights to understand how people make decisions. Portnoy's new book raises the bar in how to use BE insights to guide decision making in the real world.
What's especially refreshing is that this is not some academic tome, but written from the perspective of someone who is experienced in actively choosing fund managers for elite hedge funds.
The core thesis of this book is that financial decision makers face overwhelming choices and whether you are choosing between hedge funds, ETFs or mutual funds, you're attempts to choose effectively are limited by biases that trap investors. The recent history of financial product innovation is an attempt to deal with this overwhelming choice.
Portnoy, in an accessible style, lays out the core tenets of behavioral economics, how financial markets have been evolving over the last twenty years, and the steps investors can take to protect themselves against their own biases.
In sum, highly recommend to anyone interested in how behavioral economics can be used, how to make investment decisions, or how our financial markets are evolving in a world of overwhelming choice.
16 of 19 people found the following review helpful.
I never found the simplicity
By David C. Fischer
I was eager to dive into this given the strong subtitle, we all want "the power of simplicity in a world of overwhelming choice". I don't know any more about picking good fund managers now than before. I think the "Five P's" of People, Philosophy, Process, Performance and Price, remain superior to his offering of Trust, Risk, Skill and Fit.
Throughout he talks of skill being nearly impossible to persist, but the book is really a sales pitch for hedge funds.
He criticizes Simon Lack's book The Hedge Fund Mirage as "controversial" and the "analysis is almost completely wrong." Portnoy instead should have provided a detailed refutation of Lack's book rather than a fleeting dismissal.
A far stronger recent book for institutional managers and "managers of managers" is Jacques Lussier's Successful Investing is a Process.
12 of 15 people found the following review helpful.
Because money management matters to all of us...
By M. Jones
We all choose people to manage our money. Whether it is your broker, your investment advisor, or your mutual fund managers in your 401(k), every one of us must make decisions about who to trust with our current cash and future financial security.
I have read any number of books that focus on how to pick stocks, how to manage a futures, how to turtle trade, how to manage portfolios, successful asset allocation and the like. There are, however, very few books I have found that focus on how to make the critical decision about who will manage your money.
But think about this: When was the last time you picked a stock? When was the last time you even reviewed the underlying holdings in your mutual funds? Now, when was the last time you selected mutual funds in your 401(k)?
I know which one I spend more time doing.
In truth, each of us spends time in Portnoy's position of "manager of managers," and his book offers us all clear, rational and, at times humorous advice about how to better select money managers. Portnoy offers practical tips on how to cut through the "noise" of finance and behavioral biases and separate the fund manager wheat from the chaff. As a former professional "fund picker," the information in this book really resonated with me.
In addition, Portnoy's writing style turned what could have been an extremely turgid read into a pleasurable experience. Mixing anecdotes with research, data and a little self-deprecation, I found the approach to the topic truly refreshing.
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