Portfolio management is a tough business. Each day, managers face the challenges ofan ever-changing and unforgiving market, where strategies and processes that worked yesterday maynot work today, or tomorrow. The usual advice for improving portfolio performance -- refining yourstrategy, staying within your style, doing better research, trading more efficiently -- isimportant, but doesn't seem to affect outcomes sufficiently. This book, by an experienced advisor toinstitutional money managers, goes beyond conventional thinking to offer a new analytic frameworkthat enables investors to improve their performance confidently, deliberately, and simply, byapplying the principles of behavioral finance.
W. Edwards Deming observed that youcan't improve what you don't measure. Active portfolio management lacks methods for measuring keyinputs to management success like skills, process, and behavioral tendencies. Michael Ervolinioffers a conceptually straightforward and well-tested framework that does just that, with evidenceof how it helps managers enhance self-awareness and become better investors. In a series of short,accessible chapters, Ervolini investigates a range of topics from psychology and neuroscience,describing their relevance to the challenges of portfolio management. Finally, Ervolini offers sevenideas for improving. These range from maintaining an investment diary to performing rudimentarycalculations that quantify basic skills; each idea, or "project," helps managers gain adeeper understanding of their strengths and shortcomings and how to use this knowledge to improveinvestment performance.
Michael A. Ervolini is CEO of Cabot Research, a global software company that provides innovative analytics to money managers to help them improve portfolio performance.
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