Rational Investing: The Subtleties of Asset Management

Hardcover | March 7, 2017

byHugues Langlois, Jacques Lussier

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Many investors believe that success in investing is either luck or clairvoyance. In Rational Investing, finance professor Hugues Langlois and asset manager Jacques Lussier present the current state of asset management and clarify the conundrum of luck versus skill. The core of Rational Investing is a framework for smart investing built around three performance drivers: balancing exposure to risk factors, efficiently diversifying bad luck, and taking advantage of relative mispricings in financial markets. With clear examples from model multi-asset-class portfolios, Langlois and Lussier show how to implement performance drivers like institutional investors with access to extensive resources, as well as nonprofessional investors who are constrained to small-scale transactions. There are few investment products, whether traditional or alternative, discretionary or systematic, fundamental or quantitative, whose performance cannot be analyzed through this framework. Langlois and Lussier illuminate the structure of financial markets and the mechanics of sustainable investing so any investor can become a rational player, from the nonprofessional investor with a basic knowledge of statistics all the way to seasoned investment professionals wishing to challenge their understanding of the asset management industry.

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From the Publisher

Many investors believe that success in investing is either luck or clairvoyance. In Rational Investing, finance professor Hugues Langlois and asset manager Jacques Lussier present the current state of asset management and clarify the conundrum of luck versus skill. The core of Rational Investing is a framework for smart investing buil...

Hugues Langlois is assistant professor of finance at HEC Paris and a cofounder of IPSOL Capital. Previously he was portfolio manager at Desjardins Asset Management. Jacques Lussier is president of IPSOL Capital. Before, he was chief Investment strategist at Desjardins Asset Management. He is the author of Successful Investing is a Pro...
Format:HardcoverDimensions:240 pages, 9 × 6 × 0.98 inPublished:March 7, 2017Publisher:Columbia University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0231177348

ISBN - 13:9780231177344

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Table of Contents

1. The Subtleties of Asset Management 2. Understanding the Playing Field 3. Skill, Scale, and Luck in Active Fund Management 4. What May and Can Be Forecasted? 5. The Blueprint to Long-Term Performance 6. Building Better Portfolios 7. We Know Better, But... Notes Index

Editorial Reviews

Well-researched and grounded in academic literature, Hugues and Lussier's book asks the important question: What drives long-term investment performance? Professionals and portfolio managers will find many gems in this book.