I’ve been interested in investing for over four decades since I started as a finance PhD student at Wharton. Since then my research has focused on understanding the stock market. Early on, I tried applying my research to my investing. For example, I was convinced that a recently listed stock called Google was way overvalued—was I ever wrong! That got me to reflect on my investment philosophy—what did I truly believe about how markets really behaved? That brought me back to understanding and appreciating the contributors to Modern Portfolio Theory, which led to a fun decade-long book project. Currently I enjoy writing about investing through my blog.
I wrote
In Pursuit of the Perfect Portfolio: The Stories, Voices, and Key Insights of the Pioneers Who Shaped the Way We Invest
This was one of the first investment books I read, and it has become a classic.
At the time I was a PhD student learning about concepts such as Modern Portfolio Theory and the Capital Asset Pricing Model. Malkiel explains in plain English what these concepts mean for investors. Before it was fashionable, he promoted index or passive investing versus actively selecting securities. Malkiel presents a practical life-cycle approach to investing.
Today's stock market is not for the faint hearted. At a time of frightening volatility, the answer is to turn to Burton G. Malkiel's advice in his reassuring, authoritative, gimmick-free and perennially best-selling guide to investing. Long established as the first book to purchase before starting a portfolio, A Random Walk Down Wall Street now features new material on "tax-loss harvesting"; the current bitcoin bubble and automated investment advisers; as well as a brand-new chapter on factor investing and risk parity. And as always, Malkiel's core insights-on stocks and bonds, as well as investment trusts, home ownership and tangible assets…
I had the pleasure of interviewing Charley for our book.
He’s a great storyteller. He was probably the first practitioner to advocate for passive index investing. He’s a tennis enthusiast, and his book was inspired by a book he read aimed at amateur tennis players. Ellis learned that to win at tennis, the best strategy is to simply try to not lose, and to not try to act like professional players.
He realized that the same strategy worked for investors as well. That means that investors shouldn’t try to beat the market.
The definitive guide to long-term investing success-fully updated to address the realities of today's markets
Technology, information overload, and increasing market dominance by expert investors and computers make it harder than ever to produce investing results that overcome operating costs and fees. Winning the Loser's Game reveals everything you need to know to reduce costs, fees, and taxes, and focus on long-term policies that are right for you.
Candid, short, and super easy to read, Winning the Loser's Game walks you through the process of developing and implementing a powerful investing strategy that generates solid profits year after year. In…
Peter Bernstein was one of the great investment writers.
This book is where I got my first taste into the great theorists whose works revolutionized Wall Street such as Harry Markowitz, Bill Sharpe, Myron Scholes, and Bob Merton, all of whom I later had the pleasure of getting to know. I had read about their theories, but hadn’t appreciated the impact they had on the investment industry. Bernstein showed how these luminaries changed the way we think about investments.
Capital Ideas traces the origins of modern Wall Street, from the pioneering work of early scholars and the development of new theories in risk, valuation, and investment returns, to the actual implementation of these theories in the real world of investment management. Bernstein brings to life a variety of brilliant academics who have contributed to modern investment theory over the years: Louis Bachelier, Harry Markowitz, William Sharpe, Fischer Black, Myron Scholes, Robert Merton, Franco Modigliani, and Merton Miller. Filled with in-depth insights and timeless advice, Capital Ideas reveals how the unique contributions of these talented individuals profoundly changed the practice…
I first met Jeremy when I was a PhD student in his banking course at Wharton.
Trained as an economist, Siegel’s interest was in investments. That’s how he is able to bring a unique perspective into the world of investments. He compiled one of the earliest datasets of U.S. stock returns going back to the nineteenth century. What he found is the consistency of stock returns compared with risk-free investments over the long run.
Siegel challenges the traditional thinking of the notion of risk when we consider a diversified portfolio held over a long horizon.
The stock-investing classic--UPDATED TO HELP YOU WIN IN TODAY'S CHAOTIC GLOBAL ECONOMY
Much has changed since the last edition of Stocks for the Long Run. The financial crisis, the deepest bear market since the Great Depression, and the continued growth of the emerging markets are just some of the contingencies directly affecting every portfolio inthe world.
To help you navigate markets and make the best investment decisions, Jeremy Siegel has updated his bestselling guide to stock market investing.
This new edition of Stocks for the Long Run answers all the important questions of today: How did the crisis alter the…
I also first met Andrew when I was a PhD student in the first course he taught at Wharton. I was fortunate to be his co-author decades later.
I can’t think of anyone else who is both so incredibly bright but also articulate and an engaging storyteller in so many areas. Lo’s book challenges the fundamental theory of market efficiency which suggests that security prices reflect all relevant information—in other words, that securities are always fairly priced.
Drawing on psychology, evolutionary biology, neuroscience, and artificial intelligence, he comes up with a convincing a new model, that he calls the Adaptive Markets Hypothesis.
A new, evolutionary explanation of markets and investor behavior
Half of all Americans have money in the stock market, yet economists can't agree on whether investors and markets are rational and efficient, as modern financial theory assumes, or irrational and inefficient, as behavioral economists believe. The debate is one of the biggest in economics, and the value or futility of investment management and financial regulation hangs on the answer. In this groundbreaking book, Andrew Lo transforms the debate with a powerful new framework in which rationality and irrationality coexist-the Adaptive Markets Hypothesis. Drawing on psychology, evolutionary biology, neuroscience, artificial intelligence,…
Is there an ideal portfolio of investment assets, one that perfectly balances risk and reward? In Pursuit of the Perfect Portfolio examines this question by profiling and interviewing ten of the most prominent figures in the finance world—Jack Bogle, Charley Ellis, Gene Fama, Marty Leibowitz, Harry Markowitz, Bob Merton, Myron Scholes, Bill Sharpe, Bob Shiller, and Jeremy Siegel. We learn about the personal and intellectual journeys of these luminaries—which include six Nobel Laureates and a trailblazer in mutual funds—and their most innovative contributions. In the process, we come to understand how the science of modern investing came to be. Each of these finance greats discusses their idea of a perfect portfolio, offering invaluable insights to today’s investors.
