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Book description
Unlike some of the other money management books I’ve read, this book is very technical, academic, and unbiased. The fundamental theme of the book is that the two risks investors face are volatility and inflation. Depending on the investment time table longer investments are subject to inflation and should be kept mostly in equities while short term investments are more affect by volatility and should be kept in fixed income securities such as bonds. Most of Gibson’s book is geared for investment managers and as a result he focuses a lot of dealing with clients expectations. He does mention that market timing is very difficult as is superior stock selection, but he does not advocate index funds as much as the books by Bernstein and Ellis, nor does he criticize the fact that most money managers do not beat the market. In fact he actually says higher fees are warranted as long as the manager is doing a good job, where a good job means keeping the portfolio balanced. Interestingly enough, even though time decreases the effects of volatility, a well balanced portfolio will likely provide higher returns than a single highly volatile asset class because the extra risk in associated with lower diversification is not rewarded by the diverse market. Gibson makes almost no mention of small value or growth asset classes, just large and small company stocks. He stressess foreign investment in bonds and stocks to properly diversify more than previous books, along with some exposure to REITs and commodities. He cautions the danger of comparing a truly diverse portfolio with the usual US benchmark such as the S&P. Overall this is a very informative, objective, financial book giving a good academic background, but focuses too much on an audience made of professional money managers.
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