The Quest for Alpha by Larry E. Swedroe
The Holy Grail of Investing (Bloomberg)

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Synopsis

The final word on passive vs. active investing

The 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 The Quest for Alpha: The Holy Grail of Investing, 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
Presents research, data, and quotations that reveal it's extremely difficult to outperform the marketExplains 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 risksOther titles by Swedroe: The Only Guide to Alternative Investments You'll Ever Need and The Only Guide You'll Ever Need for the Right Financial Plan

Investors 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." The Quest for Alpha demonstrates that it's a loser's game-while it's possible to win, it's so unlikely that you shouldn't try.

 

About Larry E. Swedroe

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A native New Yorker, Larry E. Swedroe graduated from New York University with an MBA in finance. Author of The Only Guide to a Winning Investment Strategy You'll Ever Need and What Wall Street Doesn't Want You to Know, Swedroe lives in St. Louis, Missouri, where he is head of research and a principal in the firm of Buckingham Asset Management.
 
Published December 20, 2010 by Bloomberg Press. 213 pages
Genres: Business & Economics. Non-fiction

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