The Investor's Paradox

The Power of Simplicity in a World of Overwhelming Choice

Brian Portnoy

Palgrave Macmillan Trade

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We're all familiar with "choice overload," whether on a trip to the grocery store, or while flipping through satellite TV channels. And while it's human to want all of the options, the surprising truth is that the more choice we have, the less satisfied we are. And nowhere is this more true - or more dangerous - than in our investments. Despite the troubled global economy, there are tens of thousands of mutual funds, hedge funds, exchange-traded funds, and other vehicles waiting to take your money. For help, individual and institutional investors alike turn to financial managers, though they are often no better equipped than the average person to assess and manage risk. In The Investor's Paradox, hedge fund expert Brian Portnoy explains how to sift through today's diverse investment choices and solve even the most daunting portfolio problems. Drawing on cutting-edge research in behavioral economics, social psychology and choice theory, Portnoy lays bare the biases that interfere with good decision-making, and gives readers a set of basic tools they can use to tell the good from the bad. Along the way, he demystifies hedge funds, cuts through the labyrinth of the modern financial supermarket, and debunks popular myths, including the idea that mutual funds can "beat the market."

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Reviews

Praise for The Investor's Paradox

"There are a dozen or so classic books on picking stocks, a task relatively few individual investors do today. In contrast, there have been no great texts—until now—explaining how to pick fund managers, a task almost every investor, from the richest hedge fund buyer to the smallest 401(k) participant is tasked with doing. Brian Portnoy has produced the first great text on picking fund managers. It not only includes decades worth of valuable insights, it's also one of the best written investment books you'll ever find." —Don Phillips, Morningstar

"The Investor's Paradox is totally original, thoroughly engaging, and remarkably well written. It must be considered an important contribution to the literature on how we make decisions about investments in the real world. This book is consistently insightful and often entertaining, offering many examples based on Portnoy's broad experiences. Novice and expert investors alike should take heed of Portnoy's major accomplishment." —Emmanuel Roman, CEO, Man Group

"The investment bookshelves are littered with recommendations on picking stocks and allocating assets. The Investors' Paradox addresses the far more relevant topic of manager selection, and it does this superbly. Building from his deep understanding of human behavioral biases, Portnoy's structured approach to evaluating skill cuts through the noise of past performance and marketing materials to deliver a clear and creative framework for choosing investment advisors. Also a gifted writer, Portnoy has written a classic. Highly recommended for anyone making investment decisions." —Mark Carhart, Chief Investment Officer, Kepos Capital

"The Investor's Paradox has arrived at just the right time. We face an unprecedented amount of choice in implementing investment strategies, and this insightful book helps filter out the noise to home in on what matters when making these critical decisions, whether you are a sophisticated allocator or an individual investor. I can't think of a better book on how to choose the best investment experts." —Ted Seides, Co-Chief Investment Officer and President, Protégé Partners

"The Investor's Paradox... demystifies the opaque world of hedge funds. Portnoy offers practical advice on the limits of mass-market mutual funds and the false dichotomy between "traditional" - long-only mutual funds - and "alternative" investments such as hedge funds." —The Philadelphia Enquirer


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About the Author

Brian Portnoy

Brian Portnoy is Managing Director and Head of Alternatives and Strategic Initiatives at Chicago Equity Partners. He has spoken at numerous investing conferences across the U.S., Europe, and Asia, has appeared frequently on CNBC and CNN, and has been quoted in major publications, including the Wall Street Journal and the New York Times. Portnoy is the founder of NorthCenter Capital Advisors, and has previously held positions as the Portfolio Manager of the Vestian Core Fund and Associate Head of Research at Mesirow Advanced Strategies. He has received grants from the MacArthur Foundation and he was also the recipient of the University of Chicago's prestigious Century Fellowship. Across the U.S. and Europe, Brian taught and lectured on numerous topics, ranging from classic political economy to the current challenges of globalization. At the University of Chicago, he served for two years as the coordinator of the prestigious Program on International Politics, Economics, and Security. He lives in Chicago, IL.

Brian Portnoy

Brian Portnoy

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Available Formats and Book Details

The Investor's Paradox
The Power of Simplicity in a World of Overwhelming Choice
Brian Portnoy

Hardcover

Hardcover
St. Martin's Press
Palgrave Macmillan Trade
January 2014
Hardcover
ISBN: 9781137278487
ISBN10: 113727848X
6 1/8 x 9 1/4 inches, 256 pages
$27.00

e-Book Agency

e-Book Agency
St. Martin's Press
Palgrave Macmillan Trade
January 2014
e-Book Agency
ISBN: 9781137401267
ISBN10: 1137401265
6 1/8 x 9 1/4 inches, 256 pages
$12.99
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