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The Investor's Paradox


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Table of Contents

Preface: The Trillion Dollar Job No One Talks About PART I. CONTEXTS 1. Introduction: Picking Winners 2. The Science (and Art) of Being Wrong 3. Alternative States PART II. TOOLS 4. Managing Expectations 5. Madoff's Hobgoblins 6. The Devil(s) You Know 7. Touring Lake Wobegon PART III. EXTENSIONS 8. The Social Network 9. Gorillas in the Mist 10. Mirror, Mirror 11. Conclusion: More

About the Author

Brian Portnoy, Ph.D., CFA, has been successfully researching, advising, and investing in hedge funds and mutual funds for the past fourteen years. He is currently the Head of Alternative Investments and Strategic Initiatives for Chicago Equity Partners, a $10 billion asset manager. Previously, Brian held senior roles at Mesirow Advanced Strategies and Morningstar, the world's premier research shop on mutual funds. 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. Prior to his investing career, Brian pursued his research and teaching interests in political economy and markets at the University of Chicago, where he earned his Ph.D. in 2000. Brian is a CFA Charterholder and a member of the CFA Society of Chicago.


"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, Protege 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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