As the articles in this book reveal, investors are confronted with a dizzying array of instruments, strategies, goals and controls, advice and counsel from experts, and a deluge of statistics. However, yesterday's answer often turns out to be tomorrow's wrong number, as markets evolve and fresh information floods in. Yet beneath all this lies the essence of investment, the hidden future. If we held the key to that mystery, we could dispense with experts and thier mountains of statistics. One instrument and strategy would suffice. This book has been written by leading academics from four business schools renowned for thier investment expertise: Chicago Graduate School of Business, LBS, Columbia Business School and the Wharton School of the University of Pennsylvania. Together they have produced an invaluable survey of the subject, bringing together fundamental principles, investment practice and cutting edge thinking. What is at the essence of good investment? "Mastering Investment "offers the answers.
"Uncertainty creates the opportunity that is fundamental to markets and must be embraced by investors."
Peter Bernstein"The gains to be had by predicting the economic cycle are enormous. The problem is that economists cannot get their forecasts right."
Jeremy Siegel, Wharton School of the University of Pennsylvania, p.17
"The basic argument for aquiring foreign securities is that rates of return will be higher than on domestic securities, primarily because of theit more rapid rates of growth."
Robert Z. Aliber, University of Chicago Graduate School of Business, p.167
"Hedge funds are increasingly attracting the attention of institutional investors. Falling and volatile equity markets, low bond yields and crisis-prone emerging markets are prompting investors to search for new destinations for their assets."
Kaveh Alamouti, Optimum Asset Management Limited, p.190
"The difference between investing today and in years past is not only the ease with which individuals access information and build a portfolio, but the fact that financial markets are more intricately tied to our blueprints of the future."
Greg Elmiger, RiskMetrics, p.225
"During the internet boom, the venture capital model seemed omnipotent. Now after scores of dot coms backed by blue-chip venture capitalists have gone bust, it is time for a sober evaltuation."
Amar Bhide, Columbia Business School, p.292