Investment Management and Mismanagement

This book presents a critical analysis of four critical areas of investment management. Coverage includes an overview of portfolio management and its historical evolution; review and analysis of a range of academic research into the performance of portfolio managers; issues associated with both institutional and individual portfolio mismanagement; and a treatment of the important topics of suitability and churning. The contents are gathered from top academic, investment and law journals.INVESTMENT MANAGEMENT AND MISMANAGEMENT: History, Findings, and Analysis is designed for academic researchers, legal professionals, and practitioners who are interested in the various issues surrounding both professional and individual investment management. These issues include performance, anomalies, market timing, suitability, and churning, among others. The construct of mismanagement is presented in light of the impact of various costs on investment returns.§"The book starts with a concise, yet informative, history of the primary entities of the investment industry. The first part of the book interestingly points out that many of the industry s challenges are not particularly new, but have been played out again and again throughout the existence of our financial markets. Against that backdrop, the author then proceeds to lay out the myriad of challenges inherent in today s environment. The book covers important topics, ranging from mutual funds inability to consistently provide value, to the performance of individual investors. As to the problems of suitability and churning, the material clearly leads the reader to understand that these issues are rooted in the traditional method of compensation to brokers. The conflict of interest inherent in this method cannot be resolved until the manner of compensation is revised. This is a good review for the experienced investment professional, as well as an excellent overview for the novice." §Kathleen A. Wayner§President and CEO§Darren C. Kavesh§Chief Investment Officer§Bowling Portfolio Management§513-871-7776