Investment Management

This site is dedicated to the art and science of portfolio management. The material, reflecting my interests, is categorized into three areas. The first are the general tools that are needed to study portfolio management - the definition and measurement of risk, the notion of market efficiency and how to test for inefficiencies and the components and determinants of trading costs. The second is the process of portfolio management, which covers the mechanics of creating and managing a portfolio. The third is the area of investment philosophies, from value investing to growth investing to charting to indexing, and what underlies each philosophy and when and why some investors succeed with each philosophy and why others fail.

1. Books:
If you are using one of my three books on investment management, you can access the website supporting the book below:

Menu Items
Investment Philosophies (Wiley)

Web site for book

Investment Management (co-edited with Peter Bernstein)
Description of Book
Investment Fables (PHFT)

Web Site for book (Coming soon)

2. Classes

I do not teach a class on investment philosophies but have the material ready for one. You can access webcasts, lecture notes and other material for the class by going here:

MBAInvestment Philosophies Class at Stern School of Business

3. Topic
You can also pick a topic to browse through material available on the topic. You can also go directly to the material that you are interested in and download data or spreadsheets. The overheads and solutions to the problems are stored in pdf format, and you need Adobe Acrobat to read pdf files. (You can download Acrobat Reader directly from the Adobe site at The spreadsheets are in Microsoft Excel format, and can be used on either a Mac or Windows system.

Tools for Investment Management
Topic Sub-topic
Risk Models of Risk and Return
Market Efficiency What is an efficient market?
Testing for Market Inefficiency
Results of Empirical Studies of Market Efficiency
Trading Costs Components of Trading Costs
The Bid-Ask Spread
Price Impact

The Investment Management Process
Topic Sub-topic
The Big Picture of Portfolio Management Big Picture
Understanding the Client Understanding Risk
Asset Allocation Importance of Asset Allocation
Security Selection Approaches to Security Selection
Passive Security Selection
Active Asset Selection
Execution Trading Costs and Speed
Trading Strategies
Performance Evaluation Measures of Performance Evaluation

Investment Philosophies
Topic Material
An Overview of Investment Philosophies Notes
Value Investing Notes
Growth Investing Notes
Information Trading Notes
Market Timing


Arbitrage Notes
Charting and Technical Analysis Notes
Indexing Notes