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The Art of Execution: How the world's best investors get it wrong and still make millions 1st Edition, Kindle Edition
It seemed like a foolproof plan to make a lot of money. What could possibly go wrong? These were some of the greatest minds at work in the markets today - from top European hedge fund managers to Wall Street legends.
But most of the investors' great ideas actually lost money. Shockingly, a toss of a coin would have been a better method of choosing whether or not to invest in a stock.
Nevertheless, despite being wrong most of the time, many of these investors still ended up making a lot of money.
How could they be wrong most of the time and still be profitable? The answer lay in their hidden habits of execution, which until now have only been guessed at from the outside world.
This book lays bare those secret habits for the first time, explaining them with real-life data, case studies and stories taken from Freeman-Shor's unique position of managing these investors on a day-to-day basis.
A riveting read for investors of every level, this book shows you exactly what to do and what not to do when your big idea is losing or winning - and demonstrates conclusively why the most important thing about investing is always the art of execution.
- ISBN-13978-0857194954
- Edition1st
- PublisherHarriman House
- Publication dateSeptember 14, 2015
- LanguageEnglish
- File size1316 KB
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Editorial Reviews
Review
“Fantastic...such a compelling read...There is a handful of investment books I wish someone had given me 30 years ago. This is one of them.” ―Tom Stevenson, Telegraph
“This book isn't really about investing, instead it's more of an exploration of human behaviour under different types of stress, and this is what makes the book fascinating...This book is written to appeal to all kinds of investors, and is bound to appeal to both the author's peers and to the inexperienced investor.” ―Owen Jones, Fidelity Personal Investing
“I think that you make a very good point, which is that there are many styles to investing as there are ways to go through life, but the person who knows his character, and is knowing of his environment and his investment horse, is the one that wins over the long term, provided that he is asked to make defined decisions, which strip the investor of his natural inclination to hedge his bets.” ―Crispin Odey, hedge fund manager and founding partner of Odey Asset Management
“Fascinating and instructive reading” ―Jim Slater, Telegraph
“I am often asked by graduate students what books I have read that I could recommend they read to make the students better investors. My answer generally is that the student should read the Intelligent Investor and the Reminiscences of a Stock Operator; I will now add your book to the short list for students to read...I wish I had read this book thirty years ago!” ―Dennis M. Bryan, Partner at FPA and a legendary investor in the USA
“As investors we all know that we should let the winners run and cut the losers. The question is how this works in practice in investment management. Freeman-Shor provides a comprehensive framework how to deal with losing positions and how to make winning positions have a big positive impact on your portfolio returns. A great read for investment novices and professionals alike.” ―Dirk Enderlein, partner and fund manager at Wellington
“With a unique insight into the day to day behaviours of some of the world's best fund managers Lee Freeman-Shor draws out some invaluable lessons for both the private and professional investor and lays bare the behavioural pitfalls we are all subject to in executing our investment ideas” ―James InglisJones, fund manager at Liontrust
“I truly enjoyed reading your book. Not often I read a book that has so many relevant real-life examples. I also enjoyed reading the quotes very appropriate. You summarize a winning strategy in a very concise manner while backing it up with both examples and data. It is a must read for all managers and allocators. I will order my copy right away and will send some to our clients.” ―Arik Ahitov, Managing Director and fund manager at FPA
“I really enjoyed reading it, although I have to say it was in some respects a chastening experience as - in spite of best efforts - there are times when I lapse into some of the negative behaviours you identify. I think the insights are terrific though and it will serve as an 'internal voice of conscience' forcing me to scrutinise execution and timing more thoroughly” ―Daniel Nickols, fund manager and Head of UK Small and MidCap equities at Old Mutual Global Investors
“An enjoyable and thought provoking read, from somebody with the real life evidence to back up the findings. An easy to read and enlightening study of behavioural finance, brought to life with real life experiences” ―Kevin Lilley, Europe ex UK fund manager, Old Mutual global Investors
“It is an interesting and easy read with useful insights for the private investor.” ―Jeremy Prescott, Private Investor
“This might be the most important book on investments that a private investor can read.” ―Mats Larsson, InvestingByTheBooks
Review
- Owen Jones, Fidelity Personal Investing
"I think that you make a very good point, which is that there are many styles to investing as there are ways to go through life, but the person who knows his character, and is knowing of his environment and his investment horse, is the one that wins over the long term, provided that he is asked to make defined decisions, which strip the investor of his natural inclination to hedge his bets."
- Crispin Odey, hedge fund manager and founding partner of Odey Asset Management
"I am often asked by graduate students what books I have read that I could recommend they read to make the students better investors. My answer generally is that the student should read the Intelligent Investor and the Reminiscences of a Stock Operator; I will now add your book to the short list for students to read...I wish I had read this book thirty years ago!"
- Dennis M. Bryan, Partner at FPA and a legendary investor in the USA
"As investors we all know that we should let the winners run and cut the losers. The question is how this works in practice in investment management. Freeman-Shor provides a comprehensive framework how to deal with losing positions and how to make winning positions have a big positive impact on your portfolio returns. A great read for investment novices and professionals alike."
- Dirk Enderlein, partner and fund manager at Wellington
"With a unique insight into the day to day behaviours of some of the world's best fund managers Lee Freeman-Shor draws out some invaluable lessons for both the private and professional investor and lays bare the behavioural pitfalls we are all subject to in executing our investment ideas"
- James Inglis-Jones, fund manager at Liontrust
"I truly enjoyed reading your book. Not often I read a book that has so many relevant real-life examples. I also enjoyed reading the quotes very appropriate. You summarize a winning strategy in a very concise manner while backing it up with both examples and data. It is a must read for all managers and allocators. I will order my copy right away and will send some to our clients."
- Arik Ahitov, Managing Director and fund manager at FPA
"I really enjoyed reading it, although I have to say it was in some respects a chastening experience as - in spite of best efforts - there are times when I lapse into some of the negative behaviours you identify. I think the insights are terrific though and it will serve as an 'internal voice of conscience' forcing me to scrutinise execution and timing more thoroughly"
- Daniel Nickols, fund manager and Head of UK Small and Mid-Cap equities at Old Mutual Global Investors
"An enjoyable and thought provoking read, from somebody with the real life evidence to back up the findings. An easy to read and enlightening study of behavioural finance, brought to life with real life experiences"
- Kevin Lilley, Europe ex UK fund manager, Old Mutual global Investors
"It is an interesting and easy read with useful insights for the private investor."
- Jeremy Prescott, Private Investor
About the Author
Lee Freeman-Shor currently manages over $1bn in High Alpha and Multi-Asset strategies. Lee was ranked as one of the world's top fund managers in Citywire 1000 in 2012. He has been AAA rated by Citywire, Gold rated by S&P Capital IQ fund research and is Bronze rated by MorningstarOBSR.
He has been at Old Mutual Global Investors since October 2005 and was previously Co-Head of Equity Research. Prior to that, Lee worked for Schroders, Winterthur and in private client wealth management and has over 16 years investment experience. Lee holds the Investment Management Certificate and has an LL.B (Hons) law degree from Nottingham Trent University.
Product details
- ASIN : B0153LKGFE
- Publisher : Harriman House; 1st edition (September 14, 2015)
- Publication date : September 14, 2015
- Language : English
- File size : 1316 KB
- Text-to-Speech : Enabled
- Screen Reader : Supported
- Enhanced typesetting : Enabled
- X-Ray : Not Enabled
- Word Wise : Enabled
- Sticky notes : On Kindle Scribe
- Print length : 130 pages
- Best Sellers Rank: #548,567 in Kindle Store (See Top 100 in Kindle Store)
- #314 in Stock Market Investing (Kindle Store)
- #516 in Investing Basics
- #1,099 in Stock Market Investing (Books)
- Customer Reviews:
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Customers find the premise interesting and worthwhile, with concise and to the point content. They also describe the book as very readable and quick.
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Customers find the book's premise interesting, worthwhile, and concise. They also appreciate the simple ideas and lessons for any investor or trader. Readers also mention the book is well written, well organized, and has tons of real-life examples.
"The book is short, very readable with good ideas, though a bit simplistic at times." Read more
"Book is full of learning tools, rules (strong suggestions) of investing, and plenty of statistical data to prove his points." Read more
"...numbers should be immediately ignored as dangerous, the general concepts are interesting and worth sparking curiosity in a trader's chosen strategy...." Read more
"Good book, very quick and easy read, concise and to the point...." Read more
Customers find the book very readable and good.
"The book is short, very readable with good ideas, though a bit simplistic at times." Read more
"...failure and success behavioral patterns, the final result is a very readable book whose taxonomy seem both reasonable and familiar...." Read more
"...This is now at the top of my recommendation list. Short, relatively easy read with data to back up the perspectives...." Read more
"Great book, well written, and a quick read. It highlights issues we all contend with, but is geared toward long term equity investors/managers...." Read more
Customers find the book very short, but say it's a good value.
"The book is short, very readable with good ideas, though a bit simplistic at times." Read more
"...This is now at the top of my recommendation list. Short, relatively easy read with data to back up the perspectives...." Read more
"Very short but a good value..." Read more
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I have made changes to my investments because of this book, and will be doing some more changes .
I know most people won't take the action needed, but that is on them.
Thank You for sharing this information.
Life changing.
It is somewhat rare to find information on what works in selling in books on 'investing' for 'investors'. It may be more prevalent in the books for 'traders' on 'trading', but I don't know b/c that is not my style and not what I read.
I am a value guy, as well, and I found that cost of the book to be a 'good value' for the info I gleaned from the book even though I read whole thing in three to four hours. Knowing what I know now, I'd still buy it again ;-)
That said, if you haven't read What I Learned Losing a Million Dollars, you will want to read it as well.
Reviewed in the United States on April 4, 2021
Top reviews from other countries
Si eres aspirante a Trader o Inversionista este libro es obligatorio ya que te evitará muchos dolores y problemas en el camino.
The book is divided into two main sections, the first on what to do when you have a paper loss on an investment and the second on what to do when you have a paper gain.
The losing and winning investment sections are further broken down into successful and unsuccessful behaviours in responding to each scenario. These behaviours are categorized into five distinct types, three types of behaviour when a stock is down (one unsuccessful type, and two successful types) and two types of behaviour when a stock is up (one unsuccessful and one successful).
The author makes some interesting conclusions. Maybe I haven't read enough of these sorts of books yet, but I found all the recommendations to be counterintuitive yet logical. They will definitely be something I will apply to my own investing going forward (I found a few of the investing mistakes to be things I currently do or have done)
Overall it is a short, easy to read book on investing behaviour, written in plain English (not much financial jargon). It covers its subject well and provides examples without overwhelming the reader. It might be too basic for people with advanced knowledge, but I nevertheless think there is still some value to be gained by a read through. I highly recommend it.
Buy something else.
I have started back in 2005, and it took me 18 years to finally understand :o)
Winners never quit