After the warm reception of Essays in Positive Investment Management, the author has published a second, expanded edition. It contains, in particular, discussion of the notion of liquidity as the missing element in modern portfolio theory, together with changes in macro-financial regime as key factors for investment strategies. Savings glut, QE glut, and secular stagnation are lasting features that bring fresh challenges.
Few people have better insight into investment management than Pascal Blanqué. In this important and timely book, Blanqué makes a powerful claim for positive investment to avoid fanciful illusions. Blanqué argues that the investment world contains many fairytale elements, and shows that confrontation with reality leaves its mark on the theoretical sacred cows of established beliefs and truths.
