The Investor′s Dilemma [Hardback]How Mutual Funds Are Betraying Your Trust And What To Do About Itby Louis Lowenstein
Usually ships within 2 to 4 working days Description of The Investor′s DilemmaPraise for The Investor′s Dilemma "Not since Graham and Dodd has an author defined investment principles as clearly as Lou Lowenstein in The Investor′s Dilemma. Not only does he comprehensively dissect the ways careless and impulsive investors have been misled and cheated by self–serving fund managements, but Lowenstein names specific funds and techniques for careful investors to obtain superior results. This persuasive and extraordinarily readable book will be hugely helpful to present and prospective fund investors." "Anyone involved with mutual funds—from small investors to top fund executives—should consider seriously this book′s insights and message. The mutual fund industry won′t like The Investor′s Dilemma one bit, but when criticism comes from so thoughtful a voice as Louis Lowenstein, it merits attention." "Lou Lowenstein writes the truth about mutual funds, warts and all. And more: a clear–cut case for value investing, the approach that makes sense and that works, and yet is practiced by so few." "Provides a critical, hard–hitting, and honest dissection of the mutual fund industry and what you should know before investing in a fund. Lowenstein provides a framework that you can use to identify funds and organizations that are shareholder–oriented. By following his simple checklist of selection criteria, you can minimize the risks and increase the odds of finding one of these rare funds." "The Investor′s Dilemma is an essential read for any passive investor contemplating putting any of his or her wealth into a mutual fund. The book is not only informative, but also well written and entertaining." "The Investor′s Dilemma clearly and succinctly contrasts the owner–operator partnership form of mutual fund investing with the conflicted, but pervasive asset–gathering model. Every shareholder in the six–trillion–dollar mutual fund universe should absorb Louis Lowenstein′s sagacious counsel. Bravo!" "Calling on the wisdom of academics, practitioners, and even the comic strip character Pogo, Lowenstein examines the short–term pressures that doom individual investors as well as many mutual fund companies to engage in speculation instead of investing." Title Information
Press and Industry Reviews"Not since Graham and Dodd has an author defined investment principles as clearly as Lou Lowenstein in The Investor′s Dilemma. Not only does he comprehensively dissect the ways careless and impulsive investors have been misled and cheated by self–serving fund managements, but Lowenstein names specific funds and techniques for careful investors to obtain superior results. This persuasive and extraordinarily readable book will be hugely helpful to present and prospective fund investors."- Arthur Levitt, Senior Advisor, The Carlyle Group "Anyone involved with mutual funds - from small investors to top fund executives - should consider seriously this book's insights and message. The mutual fund industry won't like The Investor's Dilemma one bit, but when criticism comes from so thoughtful a voice as Louis Lowenstein, it merits attention." - Don Phillips, Managing Director, Morningstar, Inc. "Lou Lowenstein writes the truth about mutual funds, warts and all. And more: a clear–cut case for value investing, the approach that makes sense and that works, and yet is practiced by so few." - Jean–Marie Eveillard, Portfolio Manager, First Eagle Funds "Provides a critical, hard-hitting, and honest dissection of the mutual fund industry and what you should know before investing in a fund. Lowenstein provides a framework that you can use to identify funds and organizations that are shareholder-oriented. By following his simple checklist of selection criteria, you can minimize the risks and increase the odds of finding one of these rare funds." - Bob Rodriguez, CEO, First Pacific Advisors, LLC "The Investor's Dilemma is an essential read for any passive investor contemplating putting any of his or her wealth into a mutual fund. The book is not only informative, but also well written and entertaining." - Martin J. Whitman, Portfolio Manager, Third Avenue Value Fund "The Investor's Dilemma clearly and succinctly contrasts the owner-operator partnership form of mutual fund investing with the conflicted, but pervasive asset-gathering model. Every shareholder in the six-trillion-dollar mutual fund universe should absorb Louis Lowenstein's sagacious counsel. Bravo!" - Mason Hawkins, Chairman and CEO of Southeastern Asset Management, Inc., advisor to institutional clients and the three Longleaf Partners Funds "Calling on the wisdom of academics, practitioners, and even the comic strip character Pogo, Lowenstein examines the short–term pressures that doom individual investors as well as many mutual fund companies to engage in speculation instead of investing." - Bill Nygren, Portfolio Manager, Oakmark Select Fund Write a review of this book Customer Reviews from AmazonAbout Louis LowensteinLouis Lowenstein is the Simon Rifkind Professor Emeritus of Finance and Law, Columbia Law School. Long known as a corporate critic, he was a member of the SEC′s Panel on Audit Effectiveness. Lowenstein has written on financial markets widely, in Fortune, the New York Times, Washington Post, Wall Street Journal, Barron′s, and the Harvard Business Review.Contents of The Investor′s DilemmaForewordPreface Introduction 1. Mutual Funds A Painful Birth In the beginning A Good Idea Cracks In The Good Idea 2. Searching for Rational Investors In a Perfect Storm A Perfect Storm A Simple Survey The Fortune 10 Test The Performance Test Value Investing: A Behavioral Finance Perspective 3. The Anatomy of the Stock Market The Stock Market2 4. Investing at Warp Speed Sell It All Every Year? Massachusetts Investors Growth Stock Fund Investing Blind 5. Greed is Good The Appeal of a Publicly Owned Fund Management Company T. Rowe Price Profitability How To Make 80% A Year Without Breaking the Law Conflicts of Interest Grow The Assets Who's Watching the Store? The Greed Factor Candor Becomes A Casualty Form Over Substance Shame on the SEC The Failure of Candor Runs Deep As Good As It Gets? 6. The Investor's Dilemma. Long On Life Expectancy, Short On Income And Searching For Guidance A Crisis of Moral Imagination How The Other Half Lives . . . Everyone Agrees: We Are Frightfully Poor Investors And Now A Word From Pogo . . . What Pogo Forgot Of Bubbles and Swans Are You A Patient Investor? 7. The Industrialization of Mutual Funds How the Marketing of Mutual Funds Came to Look Like Soap Franklin Resources–A Study in Economies of Scale Industrialization Retailers, That's Where the Money Is The Death of Security Analysis Asset Allocation Rebalance My Portfolio . . .You Said What? A Witch's Brew About Those Benchmarks . . . Wrapping Up the Benchmarks Managing By Rote Can Hurt . . . Badly 8. Through a Window . . . Darkly Introduction 1.The First Story Behind Those Numbers 2. Multi-Class Fund Shares 3. Now Here's A Stealthy Way to Influence A Broker's Advice 4. “Soft Dollars?” – Hey, That's My Hard Cash 5. Revenue Sharing 6. Corruption by Committee; the Story Gets Worse Devious and Deceptive? What's Missing From the Disclosures? Some Particulars Boards of Directors: Watchdogs or Lapdogs? Some Unresolved Questions 9. How to Pick a Mutual Fund An Overview Back to Pogo . . . And You! Buy A Mutual Fund? The Good Funds Fairly Shout Out Their Strengths What to Look For in A Stock Fund Price and Value Index Funds Two Stock Funds Notes Index |
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