{"product_id":"quest-for-alpha-bloomberg-hardcover","title":"Quest for Alpha (Bloomberg) - Hardcover","description":"\u003cp\u003eby \u003cb\u003eLarry E. Swedroe\u003c\/b\u003e (Author)\u003c\/p\u003e\u003cp\u003e\u003cb\u003eThe final word on passive vs. active investing\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003eThe debate on active investing-stock picking and market timing-versus passive investing-markets are highly efficient and almost impossible to outperform-has raged for decades. Which side is right? In \u003ci\u003eThe Quest for Alpha: The Holy Grail of Investing\u003c\/i\u003e, author Larry E. Swedroe puts an end to the debate, proving once and for all that active investing is likely to prove futile as the associated expenses-costs, fees, and time spent analyzing individual stocks and the overall market-are likely to exceed any benefits gained. The book\u003c\/p\u003e \u003cul\u003e \u003cli\u003ePresents research, data, and quotations that reveal it's extremely difficult to outperform the market\u003c\/li\u003e \u003cli\u003eExplains why investors should focus on asset allocation, fund construction, costs, tax efficiency, and the building of a globally diversified portfolio that minimizes, if not eliminates, the taking of idiosyncratic, uncompensated risks\u003c\/li\u003e \u003cli\u003eOther titles by Swedroe: \u003ci\u003eThe Only Guide to Alternative Investments You'll Ever Need and The Only Guide You'll Ever Need for the Right Financial Plan\u003c\/i\u003e\n\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eInvestors are on a never-ending search for a money manager who will deliver returns above the appropriate risk-adjusted benchmark, aka the \"Holy Grail of Investing.\" \u003ci\u003eThe Quest for Alpha\u003c\/i\u003e demonstrates that it's a loser's game-while it's possible to win, it's so unlikely that you shouldn't try.\u003c\/p\u003e\u003ch3\u003eFront Jacket\u003c\/h3\u003e\u003cp\u003e\u003c\/p\u003e\u003cp\u003eKing Arthur and his court pursued the Holy Grail, the mythical cup or dish used by Jesus at the Last Supper.The financial equivalent of the pursuit of the Holy Grail is the quest for the money managers who will deliver alpha--returns above the appropriate risk-adjusted benchmark. The quest for alpha is based on the theory that the markets are inefficient, and smart people working diligently can discover pricing errors the market makes. But there is a competing theory based on about sixty years of academic research. Its premise is that markets are highly efficient--the market price of a security is the best estimate of the right price. If markets are highly efficient, efforts to outperform are unlikely to prove productive after the expenses of the efforts. So which theory is correct?\u003c\/p\u003e \u003cp\u003eIn The Quest for Alpha, Larry Swedroe presents research, data, and advice from some legendary market gurus to show that it is extremely difficult to outperform the market. Examining the evidence from academic studies on mutual funds, pension plans, hedge funds, private equity\/venture capital, individual investors, and behavioral finance, he demonstrates that the markets are indeed highly efficient. Swedroe then explains why investors should instead focus on asset allocation, fund construction, costs, tax efficiency, and the building of a globally diversified portfolio that minimizes, if not eliminates, the taking of idiosyncratic, uncompensated risks.\u003c\/p\u003e \u003cp\u003eAnd to those who ask, \"But how do you explain Warren Buffett?\" Swedroe's answer is simple. \"I tell them if they see Warren Buffett when they look in the mirror, go ahead and seek the holy grail of alpha,\" he says. \"If they don't, give up the quest and play the winner's game.\"\u003c\/p\u003e\u003ch3\u003eBack Jacket\u003c\/h3\u003e\u003cp\u003e\u003c\/p\u003e\u003cp\u003e\u003cb\u003eThe final word on active vs. passive investing!\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003eKing Arthur and his court pursued the Holy Grail, the mythical cup or dish used by Jesus at the Last Supper. The financial equivalent of the pursuit of the Holy Grail is the quest for the money managers who will deliver alpha--returns above the appropriate risk-adjusted benchmark. The quest for alpha is based on the theory that the markets are inefficient, and smart people working diligently can discover pricing errors the market makes. But there is a competing theory based on about sixty years of academic research. Its premise is that markets are highly efficient--the market price of a security is the best estimate of the right price. If markets are highly efficient, efforts to outperform are unlikely to prove productive after the expenses of the efforts. So which theory is correct? \u003c\/p\u003e\u003cp\u003eIn \u003ci\u003eThe Quest for Alpha\u003c\/i\u003e, Larry Swedroe presents research, data, and advice from some legendary market gurus to show that it is extremely difficult to outperform the market. Examining the evidence from academic studies on mutual funds, pension plans, hedge funds, private equity\/venture capital, individual investors, and behavioral finance, he demonstrates that the markets are indeed highly efficient. Swedroe then explains why investors should instead focus on asset allocation, fund construction, costs, tax efficiency, and the building of a globally diversified portfolio that minimizes, if not eliminates, the taking of idiosyncratic, uncompensated risks. \u003c\/p\u003e\u003cp\u003eAnd to those who ask, \"But how do you explain Warren Buffett?\" Swedroe's answer is simple. \"I tell them if they see Warren Buffett when they look in the mirror, go ahead and seek the holy grail of alpha,\" he says. \"If they don't, give up the quest and play the winner's game.\"\u003c\/p\u003e\u003ch3\u003eAuthor Biography\u003c\/h3\u003e\u003cp\u003e\u003c\/p\u003e\u003cp\u003e\u003cb\u003eLARRY E. SWEDROE\u003c\/b\u003e is a principal and the Director of Research for the Buckingham Family of Financial Services, which includes Buckingham Asset Management and BAM Advisor Services. He has also held executive-level positions at Prudential Home Mortgage, Citicorp, and CBS. Swedroe frequently speaks at financial conferences throughout the year and writes the blog \"Wise Investing\" at CBS MoneyWatch.com.\u003c\/p\u003e\u003cdiv\u003e\n\u003cstrong\u003eNumber of Pages:\u003c\/strong\u003e 208\u003c\/div\u003e\u003cdiv\u003e\n\u003cstrong\u003eDimensions:\u003c\/strong\u003e 0.81 x 8.77 x 5.79 IN\u003c\/div\u003e\u003cdiv\u003e\n\u003cstrong\u003ePublication Date:\u003c\/strong\u003e February 08, 2011\u003c\/div\u003e","brand":"Books by splitShops","offers":[{"title":"Default Title","offer_id":42687502745663,"sku":"9780470926543","price":33.54,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0105\/8226\/1823\/files\/178639e5e0e887c606e631e7a3f7ba30.webp?v=1764978824","url":"https:\/\/dhlswag.com\/products\/quest-for-alpha-bloomberg-hardcover","provider":"BBB","version":"1.0","type":"link"}