A process-driven approach to investment management that lets you achieve the same high gains as the most successful portfolio managers, but at half the cost

What do you pay for when you hire a portfolio manager? Is it his or her unique experience and expertise, a set of specialized analytical skills possessed by only a few? The truth, according to industry insider Jacques Lussier, is that, despite their often grandiose claims, most successful investment managers, themselves, can't properly explain their successes. In this book Lussier argues convincingly that most of the gains achieved by professional portfolio managers can be accounted for not by special knowledge or arcane analytical methodologies, but proper portfolio management processes whether they are aware of this or not. More importantly, Lussier lays out a formal process-oriented approach proven to consistently garner most of the excess gains generated by traditional analysis-intensive approaches, but at a fraction of the cost since it could be fully implemented internally.

这是一种流程驱动的投资管理方法，可以让你以一半的成本获得与最成功的投资组合经理一样的高收益
当你雇佣一个投资组合经理时，你要付多少钱？是他或她独特的经验和专长，一套只有少数人拥有的专业分析技能吗？据业内人士雅克·卢西尔（Jacques Lussier）说，事实是，尽管他们经常夸大其词，但大多数成功的投资经理本身并不能恰当地解释他们的成功。在这本书中，卢西尔令人信服地指出，职业投资组合经理所取得的大部分收益可以通过适当的投资组合管理过程来解释，而不是通过专门的知识或神秘的分析方法，无论他们是否意识到这一点。更重要的是，Lussier提出了一种正式的面向过程的方法，这种方法被证明能够持续地获得传统分析密集型方法产生的大部分超额收益，但成本很低，因为它可以在内部完全实现。