The author made a powerful claim for positive investment in order to avoid fanciful illusions. He argued that the investment world contains many elements of a fairy tale and showed that a mere confrontation with reality leaves its mark on the impressive procession of theoretical, sacred crows, of established beliefs and truths. The book contains, in particular, a discussion of the notion of liquidity as the missing element of the modern portofolio theory; together with the changes in macro-financial regime as a key determining factor for investment strategies. @back cover
