{"product_id":"investment-management-isbn-9780470455944","title":"Investment Management","description":"\u003cb\u003ePraise for Investment Management\u003c\/b\u003e  \u003cp\u003e\"A compelling analysis of the challenges of investment management, and why investment management firms require innovation to succeed.\"\u003cbr\u003e —Blake Grossman, CEO, Barclays Global Investors\u003c\/p\u003e \u003cp\u003e\"Great investment managers understand that positioning portfolios for clients should not be an act of conformity, but rather a constant journey of shifting fundamentals and opinion. Wayne and Ralph bring this fact to life by addressing some of the key challenges to serious investment thinking, using top-level researchers in their respective fields. For those investment managers and clients who want to go beyond the ordinary.\"\u003cbr\u003e —Jeff Diermeier, former CEO of CFA Institute and retired CIO of UBS Global Asset Management\u003c\/p\u003e \u003cp\u003e\"The essays in this book provide an invaluable reference point of serious readings for money managers. The works provide the analyst with the most recent scholarship in a single book, presenting ideas and philosophy that will lead me back to its various sections time and time again.\"\u003cbr\u003e —Kenneth S. Hackel, CFA, President, CT Capital LLC\u003c\/p\u003e \u003cp\u003e\"The crash of 2007–2009 brought a harsh conclusion to a quarter of a century of unprecedented growth and prosperity for the investment management industry, which faces no less a task than reinventing itself. Rieves' and Wagner's contribution to the way forward couldn't be timelier.\"\u003cbr\u003e —Richard Ennis, Principal, Ennis Knupp + Associates\u003c\/p\u003e \u003cp\u003e\"This book uniformly focuses on the best practices to which investment management professionals should commit. I highly recommend this book to investment managers, sales people, and trustees of pensions, endowments, trusts, and mutual funds.\"\u003cbr\u003e —Jack Clark Francis, PhD, Professor of Economics and Finance, Bernard Baruch College\u003c\/p\u003e  Foreword.  \u003cp\u003ePreface.\u003c\/p\u003e \u003cp\u003eAcknowledgments.\u003c\/p\u003e \u003cp\u003eEditorial Advisory Board.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIntroduction: A Sea of Changes and Waves of Opportunity (\u003c\/b\u003e\u003ci\u003eJacqueline Charnley and Christine Røstvold\u003c\/i\u003e\u003cb\u003e).\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe 2008-2009 credit crisis roiled the already-turbulent environment in which asset managers confronted their stewardship challenges. The authors cite seven major elements of the “pre-crisis” turbulence, and remind readers of Darwin's dictum of survival. Proactive relationships with all the players are the key.\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART ONE: The Challenges of Changes and Crises.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 The Discontinuity Challenge (\u003c\/b\u003e\u003ci\u003eWayne H. Wagner\u003c\/i\u003e\u003cb\u003e).\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe twists and tangles of the 2008-2009 credit crunch will long be remembered. This chapter does not address that specific discontinuity, but discusses discontinuities in general.  From a longer time perspective, we see that these discontinuities occur frequently, suggesting that in addition to applying our experience and running our models in “normal” times, we need to prepare to face the inevitable discontinuity environments. This is the first chapter of several in which we reflect on Taleb's \u003ci\u003eBlack Swan.\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 The Sub-Prime Crisis as a “Predictable Surprise” Strategic Lessons to Be Learned (\u003c\/b\u003e\u003ci\u003eKeith Ambachtsheer\u003c\/i\u003e\u003cb\u003e).\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe fallout from the events of 2008–2009 has engendered several million words of criticism, constructive and otherwise. Yet, very little relevant appraisal has come from the investment management industry. An enduring champion of pension reform describes the collective actions that can be effectively marshaled when confronted with another threat of asset erosion. Why, \u003ci\u003ein this care\u003c\/i\u003e, Bazerman and Watkins are more relevant than Taleb.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 The Solidarity Challenge (\u003c\/b\u003e\u003ci\u003eDavid G. Tittsworth, Esq.\u003c\/i\u003e\u003cb\u003e).\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCompared to many other laws, the statutory framework of the Investment Advisors Act of 1940 is relatively simple and straightforward. The fiduciary culture it has fostered distinguishes the advisory profession from other financial services. Now, the basic legal and regulatory structure that has governed investment advisors for decades is being debated.  Well-organized and well-financed groups seek to change the laws based on the 1940 Act., charging that they are “outdated” and “losing relevance”. The author suggests three actions to ensure that investment advisers work together to preserve what is good about how the advisory profession is governed.\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART TWO: Keeping the Challenges in Perspective.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 The Failure of Invariance (\u003c\/b\u003e\u003ci\u003ePeter L. Bernstein\u003c\/i\u003e\u003cb\u003e).\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhen published in 1996, \u003ci\u003eAgainst the Gods: The Remarkable Story of Risk\u003c\/i\u003e took its place as one of the seminal history books written in the twentieth century.  Here is chapter 16 from that remarkable work.  Many readers encountered for the first time Kahneman’s and Tversky's “Prospect Theory”. Investment managers who have not read \u003ci\u003eAgainst the Gods\u003c\/i\u003e are at a competitive disadvantage—big time.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 Inverted Reasoning and Its Consequences (\u003c\/b\u003e\u003ci\u003eG.C. Seldon\u003c\/i\u003e\u003cb\u003e).\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eNot for the first time, we anthologize this excerpt from \u003ci\u003ePsychology of the Stock Market,\u003c\/i\u003e first published in 1912.  Sage observations from which the author observes “Historical parallels are likely to be misleading.”\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 Fatal Attractions for Money Managers (\u003c\/b\u003e\u003ci\u003eArnold S. Wood\u003c\/i\u003e\u003cb\u003e).\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAn experienced and innovative investment manager reflects on “the triumph of temptation over reason”, and offers a “list of ten causes of irrational, and occasionally bizarre, behavior” by professional investors.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 Renzo Gracie's Brazilian Jiu Jitsu Academy (\u003c\/b\u003e\u003ci\u003eRichard Bookstaber, PhD\u003c\/i\u003e\u003cb\u003e).\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAn elegant analogy illustrating how innovation, endogenous risks, and regulation should be contemplated so as to assure a market “that is more robust and survivable”. Excerpted from the best-selling \u003ci\u003eA Demon of Our Own Design\u003c\/i\u003e Hoboken: (Wiley, 2007).\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 Managing Outside the Box (\u003c\/b\u003e\u003ci\u003eRobert A. Jaeger, Ph.D\u003c\/i\u003e\u003cb\u003e.).\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThis reflection on fads and fashion in the investment business provides an appropriate departure for studying Part three of this book: The Challenges Under Transformation.\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART THREE: The Challenges Under Transformation.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 The Evolving Challenges of Quantitative Investing (\u003c\/b\u003e\u003ci\u003eRobert L. Hagin, PhD and Kathleen T. DeRose\u003c\/i\u003e\u003cb\u003e).\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe authors suggest that the rapid pace of technological change affects both fundamental and quantitative investors. Despite their similarities, quantitative investors, particularly those who acknowledge the limits of technology, are better equipped to deliver on their clients' performance expectations. As investment approaches begin to incorporate insights from beyond computer science, drawing from biology and other disciplines, the debate becomes a philosophical one about the frontier between the computer and the intellect.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10 EMH and the Matter at Hand (\u003c\/b\u003e\u003ci\u003eWayne H. Wagner and Ralph A. Rieves\u003c\/i\u003e\u003cb\u003e).\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDo nanosecond changes in “publicly available information” and the behavioral school's challenge require a reappraisal of a fundamental postulate of investment theory? Why is Taleb relevant?\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 11 The Attribution Challenge (\u003c\/b\u003e\u003ci\u003eRon Surz\u003c\/i\u003e\u003cb\u003e).\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePerformance standards focus on accurate measurements and reporting. But the most accurate measurements can be misinterpreted when compared to faulty benchmarks. Here is an extensive discussion about accurate benchmarking and rigorous attribution analysis. Tiger Wood's bowling scores are not relevant to his achievements.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 12 The Academic Challenge An Interview with Professor Stephen Brown on Developments in Modern Finance (\u003c\/b\u003e\u003ci\u003eHarry Liem\u003c\/i\u003e\u003cb\u003e).\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSome of the great questions of financial theory remain with us.  A respected academic candidly answers some well-posed questions about “book-smart” and “street-smart”. The answers are relevant and pertinent, regardless of occasional systemic disorder.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 13 The Elusiveness of Investment Skill (\u003c\/b\u003e\u003ci\u003eRobert A. Jaeger, PhD\u003c\/i\u003e\u003cb\u003e).\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe author of this chapter turns from commenting on fads and fashions to reflecting on investment skill. Skill is elusive, but it is not illusionary. He argues that skill is real precisely because it is elusive. “The barriers to entry in the hedge fund business are seductively low; the barriers to success are formidably high.”\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART FOUR: The Clients’ Challenges.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 14 The Client Challenge —Trustees as Leaders (\u003ci\u003eFiduciary 360\u003c\/i\u003e).\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eRecent events have generated a new challenge for trustees.  How boards are lead has emerged as an even more critical issue than it has been. The authors remind stewards of the four characteristics of a prudent procedure for discharging fiduciary duties: organize, formalize, implement, and monitor.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 15 The Kool-Aid\u003csup\u003e®\u003c\/sup\u003e Quandary and the Enduring Lure of Outperformance (\u003c\/b\u003e\u003ci\u003eEdward Siedle, Esq\u003c\/i\u003e\u003cb\u003e.).\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eA seasoned observer of the money management industry reminds readers about the myth and reality of sustained outperformance. Clients who can't distinguish between myth and reality are more likely to be subject to chicanery. The burden is on clients to make that distinction, not on SROs or regulators. This theme is reiterated in several chapters of this book.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 16 The ESGI (née \u003ci\u003eSRI\u003c\/i\u003e) Challenge \u003ci\u003e(\"\u003c\/i\u003e\u003c\/b\u003e\u003ci\u003eDove Green\"\u003c\/i\u003e\u003cb\u003e).\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe term socially responsible investing (SRI) has morphed into environmental, social, and governance investing (ESGI), and is sometime referred to as sustainable investing. Each of these terms has been used by the cadres of activists to describe their persuasive campaigns—the targets for which are now trustees, investment managers and corporations. Here is a discussion about the concerns of shareholder activists and social activists. Are ESG policies and procedures the new intangibles? Whatever the cause, fiduciary duty still trumps all.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 17 The Marketing Challenge (\u003c\/b\u003e\u003ci\u003eRon Gold\u003c\/i\u003e\u003cb\u003e).\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eInvestment managers do not have to differentiate themselves from the competition in huge ways. The real marketing challenge is to articulate in a convincing fashion how the differentiating “accrues to the benefit of the client”. Here are some insights and proposals for getting more than “just a ticket on the bus”.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 18 The Selection and Termination of Investment Management Firms by Plan Sponsors (\u003c\/b\u003e\u003ci\u003eAmit Goyal, PhD and Sunil Wahal, PhD, et al.\u003c\/i\u003e\u003cb\u003e).\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWe would have liked to have changed the title to 'Suspicions Confirmed'. This chapter appeared in the August, 2008 issue of \u003ci\u003eThe Journal of Finance\u003c\/i\u003e and is reprinted in its entirety, including references and citations. A complete familiarity with this work is recommended for managers, consultants, and trustees throughout the world.\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART FIVE: The Execution Challenges.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 19 The Market Price Challenge (\u003c\/b\u003eFrancis \u003ci\u003eGupta, PhD and John A. Prestbo\u003c\/i\u003e\u003cb\u003e).\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAre dark pools the sell side's survival tactic or revenge? Do the benefits of dark pools' lower trading costs outweigh diminished transparency? Over the past 20 years volume on Nasdaq has increased over 20,000 percent. Could one argue that innovation and adaptability have been achieved at reasonable costs to investors and beneficiaries?\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 20 The Sell-Side Challenge (\u003c\/b\u003e\u003ci\u003eSteve Wunsch\u003c\/i\u003e\u003cb\u003e).\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eLegislated order-handling rules and \"shredded\" algorithmic trading destroyed the longtime sell-side business model. Investments to enhance technological proficiency devour capital. Buy side firms have more options. Is beefing up proprietary trading the best way to survive? Is there any future for the smaller sell-side firms? A veteran innovator and successful exchange officer reflects on relationships, regulation, and the cost of doing business on both sides.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 21 The Trading Challenge (\u003c\/b\u003e\u003ci\u003eWayne H. Wagner\u003c\/i\u003e\u003cb\u003e).\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOur co-editor opines on all the changes and reminds us that transactional basis points will always impact performance. And the clients know it.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 22: The Settlement Challenge (\u003c\/b\u003e\u003ci\u003eSteve Webb and Simon Bennett\u003c\/i\u003e\u003cb\u003e).\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe globalization of asset allocation is just one of several pressures complicating clearing and settlement processes. The pressures are significant factors in the buy-side search for frictionless trades and low transaction costs. Two acknowledged experts discuss these factors in the context of driving down the costs “to the end investor”.\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART SIX: The Challenges to Management.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 23 Investment Belief Systems: A Cultural Perspective (\u003c\/b\u003e\u003ci\u003eJohn R. Minahan, CFA\u003c\/i\u003e\u003cb\u003e).\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBeliefs permeate the investment business. They shape our decisions and our institutions. Beliefs themselves are shaped by culture, by professional training, by experience, and by deliberate attempts to clarify ambiguity and reduce uncertainty. In rapidly changing times, it is valuable to examine one's beliefs in light of theory, evidence, and alternative points of view.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 24 Ethical Leadership in the Investment Firm (\u003c\/b\u003e\u003ci\u003eJim Ware, CFA, and Jim Dethmer, ThM\u003c\/i\u003e\u003cb\u003e).\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe authors built this chapter by developing the concept of energetic integrity, which they describe as the preventive medicine against legal and ethical breaches.  They conclude with a description of the key elements necessary for energetic integrity.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 25 The Adaptive Leader (\u003c\/b\u003e\u003ci\u003eJim Ware, CFA\u003c\/i\u003e\u003cb\u003e).\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe author suggests asking 14 questions to ascertain the effectiveness of a firm's leaders. Investment management is a talent business. Bad bosses will drive out good talent.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 26 The Staffing Challenge (\u003c\/b\u003e\u003ci\u003eMonika Müller\u003c\/i\u003e\u003cb\u003e).\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe author identifies seven traits of portfolio managers.  She describes a matrix composed of these characteristics, and explains how its use can enhance the recruitment and retention of consistently high performers.  First, however, one should reflect on some research.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 27 The “Same Page” Challenge: Communicating Effectively (\u003c\/b\u003e\u003ci\u003eJamie Goodrich Ziegler\u003c\/i\u003e\u003cb\u003e).\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eA veteran industry executive addresses the necessity of clear communications among all the players: consultants, sponsors, sell-siders, and portfolio managers.  Some practical suggestions on overcoming barriers and misconceptions.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 28 The Data Management Challenge (\u003c\/b\u003e\u003ci\u003eDon DeLoach\u003c\/i\u003e\u003cb\u003e).\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThere forever will be challenges to the interdependency and efficiency of information systems. Here are some recommended approaches to designing, utilizing, and monitoring the “life'sblood” of the firm.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAbout the Editors.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAbout the Contributors.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIndex.\u003c\/b\u003e\u003c\/p\u003e  \u003cb\u003eWayne H. Wagner\u003c\/b\u003e is the founding and lead principal of OMNI and a founding principal of Wilshire Associates. He is known for his pioneering work in designing balancing algorithms for the world's first operational index fund, and later developed methods to deal with the hidden delay and opportunity costs of trading. Wagner has authored, coauthored, or edited many books and articles, and is a frequent writer and speaker on investment management and fiduciary duties. He holds two Graham and Dodd Awards from the \u003ci\u003eFinancial Analysts Journal\u003c\/i\u003e for excellence in financial writing.  \u003cp\u003e\u003cb\u003eRalph A. Rieves\u003c\/b\u003e is the managing director of Farragut Jones \u0026amp; Lawrence. He was the first editorial director of the Dow Jones-Irwin imprint and was one of the founding editors of the \u003ci\u003eJournal of Investment Consulting\u003c\/i\u003e. He is a recipient of the book industry's Bowker LMP Award for editorial achievement.\u003c\/p\u003e  Today's investment professional faces the formidable challenge of funding the retirement of millions of workers as well as meeting the capital formation needs that sustain businesses around the world. During these extremely volatile times, the rate at which changes are occurring in areas directly impacting the practice of investing has forced individuals in this field to \"think about their thinking\" and reexamine some of their long-standing assumptions.  \u003cp\u003eWayne Wagner—a leading financial thinker whose work on investment management efficiency has saved investors \u003ci\u003ebillions\u003c\/i\u003e of dollars—and Ralph Rieves—an experienced financial editor and advisor, who's worked with some of the best minds in the business—understand the issues affecting investment managers, fiduciaries, trustees, and regulators striving to meet the challenges of funding pensions, deficits, and growth. Now, with \u003ci\u003eInvestment Management\u003c\/i\u003e, Wagner and Rieves address these issues through the contributions of acknowledged authorities from various investment management companies, consulting firms, professional associations, and universities.\u003c\/p\u003e \u003cp\u003eCurrent turmoil in the capital markets has made global financial stewardship a difficult endeavor, but by facing reality, focusing on clients, and reexamining assumptions, you can continue to succeed, and \u003ci\u003eInvestment Management\u003c\/i\u003e will show you how. Divided into six comprehensive parts—with contributions from a roster of top professionals and academics including Peter Bernstein, Richard Bookstaber, Robert Jaeger, Arnold Wood, and Francis Gupta, among others—this well-rounded resource:\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart I\u003c\/b\u003e explores the turbulence and changes within the industry, and suggests what it might take to fulfill your investment obligations moving forward\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart II\u003c\/b\u003e details some attitudinal challenges that the financial world will always face\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart III\u003c\/b\u003e addresses the \"town and gown\" aspects of the investment process through discussions of theory and practice\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart IV\u003c\/b\u003e offers insights on client-side challenges and provides professionals with a better understanding of what the business is all about\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart V\u003c\/b\u003e describes the transactional aspects of portfolio management—from understanding the technology to executing cost-effective trades\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart VI\u003c\/b\u003e focuses on the attributes and characteristics necessary to sustain the growth of a firm—from substantiating policy and building a professional team to utilizing emerging technology\u003c\/p\u003e \u003cp\u003eAs a professional in the investment industry—and steward of the world's assets—you need to adjust accordingly to changing markets, as well as reassess the way you manage money. \u003ci\u003eInvestment Management\u003c\/i\u003e will put you in a better position to do this, and much more, as it offers practical guidance on navigating an ever-evolving financial landscape.\u003c\/p\u003e  \u003cb\u003ePraise for Investment Management\u003c\/b\u003e  \u003cp\u003e\"A compelling analysis of the challenges of investment management, and why investment management firms require innovation to succeed.\"\u003cbr\u003e —Blake Grossman, CEO, Barclays Global Investors\u003c\/p\u003e \u003cp\u003e\"Great investment managers understand that positioning portfolios for clients should not be an act of conformity, but rather a constant journey of shifting fundamentals and opinion. Wayne and Ralph bring this fact to life by addressing some of the key challenges to serious investment thinking, using top-level researchers in their respective fields. For those investment managers and clients who want to go beyond the ordinary.\"\u003cbr\u003e —Jeff Diermeier, former CEO of CFA Institute and retired CIO of UBS Global Asset Management\u003c\/p\u003e \u003cp\u003e\"The essays in this book provide an invaluable reference point of serious readings for money managers. The works provide the analyst with the most recent scholarship in a single book, presenting ideas and philosophy that will lead me back to its various sections time and time again.\"\u003cbr\u003e —Kenneth S. Hackel, CFA, President, CT Capital LLC\u003c\/p\u003e \u003cp\u003e\"The crash of 2007–2009 brought a harsh conclusion to a quarter of a century of unprecedented growth and prosperity for the investment management industry, which faces no less a task than reinventing itself. Rieves' and Wagner's contribution to the way forward couldn't be timelier.\"\u003cbr\u003e —Richard Ennis, Principal, Ennis Knupp + Associates\u003c\/p\u003e \u003cp\u003e\"This book uniformly focuses on the best practices to which investment management professionals should commit. I highly recommend this book to investment managers, sales people, and trustees of pensions, endowments, trusts, and mutual funds.\"\u003cbr\u003e —Jack Clark Francis, PhD, Professor of Economics and Finance, Bernard Baruch College\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989474722021,"sku":"NP9780470455944","price":140.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780470455944.jpg?v=1761784246","url":"https:\/\/k12savings.com\/es\/products\/investment-management-isbn-9780470455944","provider":"K12savings","version":"1.0","type":"link"}