Winning the Loser's Game (a review)

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Book Reviews
September 2017 | Vol. 12 | No. 1 | 1 page
Source: CFA Institute
Charles D. Ellis, CFA
Martin S. Fridson, CFA (Reviewer)

Summary

This book’s greatest value to investment professionals is its analysis of the organizational dynamics of institutional investing. It offers unconventional advice to investment committees and describes a built-in conflict of interest between investment consultants and their pension and endowment clients. The author also documents changes in market structure that have made it increasingly difficult over time for active managers to outperform their benchmarks. Private wealth managers can benefit from an excellent chapter on trusts and estates, as well as other material aimed primarily at individual investors. Now in its seventh edition, Winning the Loser’s Game richly deserves its reputation as a must-read classic.

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