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During the last ten years, professional money management has become a Loser's Game—i.e., a game one wins by avoiding mistakes rather than by positive achievement. As in other Loser's Games, those players who assume they are playing a Winner's Game meet only with frustration. Drawing examples from tennis, golf, and war, the author offers advice on how to win the money game.

About the Author(s)

Charles D. Ellis CFA

Charles D. Ellis, CFA, is a director of Greenwich Associates, the international business consulting firm he founded in 1972. He is a successor trustee of Yale University, where he chairs the investment committee. Ellis also serves as an overseer of New York University's Stern School of Business, a trustee of the Whitehead Institute for Biomedical Research, and a director of Vanguard. A recipient of AIMR's Graham & Dodd Award and the C. Stewart Sheppard Award, Ellis was an AIMR governor, serving as chair of the AIMR Board in 1994. He also served as an ICFA Trustee, chaired the ICFA Board, and taught for over 20 years at AIMR's Investment Management Workshop.