Proven techniques for leading-instead of following-fast-changing
markets
Investors, no matter what strategy they are using, can be placed
into two categories. Single-minded, inflexible hedgehogs lock into
one strategy and stick with it through thick and thin. Dynamic,
adaptable foxes, on the other hand, are alert for changes, learn
from experience, embrace new ideas, and make the most of new trends
and technologies. The key lies in being flexible and realizing that
markets are dynamic. Invest Like a Fox . . . Not Like a
Hedgehog shows investors how being a hedgehog can reduce
returns while increasing the risk of a portfolio, and how acquiring
the cunning and adaptability of the fox will improve returns while
reducing risk. It reveals the shortcomings of popular but
hedgehog-like investment strategies and shows how a fox-like
investor adjusts to new market realities. Readers learn how to use
the renowned Bayesian Theory of Probability and other guideposts
from outside the world of finance to adjust their strategies and
react to new information.
Autorentext
ROBERT C. CARLSON is Editor of the monthly newsletter Retirement Watch. He is also the managing member of Carlson Wealth Advisors, LLC. Carlson is Chairman of the Board of Trustees of the Fairfax County Employees' Retirement System, which has over $2.4 billion in assets, and was a member of the Board of Trustees of the Virginia Retirement System, which oversees $42 billion in assets. He has been interviewed by or quoted in numerous financial publications and has appeared on many national television and radio programs.
Zusammenfassung
Proven techniques for leading-instead of following-fast-changing markets
Investors, no matter what strategy they are using, can be placed into two categories. Single-minded, inflexible hedgehogs lock into one strategy and stick with it through thick and thin. Dynamic, adaptable foxes, on the other hand, are alert for changes, learn from experience, embrace new ideas, and make the most of new trends and technologies. The key lies in being flexible and realizing that markets are dynamic. Invest Like a Fox . . . Not Like a Hedgehog shows investors how being a hedgehog can reduce returns while increasing the risk of a portfolio, and how acquiring the cunning and adaptability of the fox will improve returns while reducing risk. It reveals the shortcomings of popular but hedgehog-like investment strategies and shows how a fox-like investor adjusts to new market realities. Readers learn how to use the renowned Bayesian Theory of Probability and other guideposts from outside the world of finance to adjust their strategies and react to new information.
Inhalt
Foreword ix
Preface xiii
Acknowledgments xxi
About the Author xxiii
Chapter 1 Foxes vs. Hedgehogs 1
Chapter 2 Classic Hedgehog Investment Strategies 25
Chapter 3 The Modern Hedgehog Theory 45
Chapter 4 How Foxes Look at Markets 85
Chapter 5 The Valuation Cycle in Action 111
Chapter 6 Foxes and Reverend Bayes: Rational Investing in Irrational Markets 133
Chapter 7 Advice for Foxes and Hedgehogs: Key Investment Mistakes to Avoid 177
Chapter 8 Portfolios of the Future 195
Index 227