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.
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