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The Fundamental Index: A Better Way to Invest, by Robert D. Arnott
Download Ebook The Fundamental Index: A Better Way to Invest, by Robert D. Arnott
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Review
2008 American Publishers Awards for Professional and Scholarly Excellence (The PROSE Awards) Finalist/Honorable mention, Business, Finance & Management. In The Fundamental Index, the leading industry thinker, Rob Arnott and his colleagues, present a new indexing method that captures more return for equity investors. In this important new book, the authors explain how passive, market-capitalization-weighted index investing falls short and fails to serve investors by investing too much in overpriced stocks and too little in underpriced shares. In short, Arnott et al.’s innovative and straightforward strategy provides investors with a new tool for achieving excess returns in a projected low-return environment while preserving the many positive attributes of index fund investing.- Financial Markets and Portfolio Management "Rob Arnott and his colleagues have, in The Fundamental Index, produced one of the most controversial books in years in the investment world…Investment professionals would be very well advised to read it."- Financial Times "...one of the most controversial books in years...Investment professionals would be very well advised to read it." (Financial Times, September 15, 2008)
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From the Inside Flap
The Fundamental Index® approach is a straightforward concept that weights companies in an indexed portfolio by their current economic scale, rather than by the value of their shares outstanding. In effect, this method shifts the frame of reference for investing from a market-centric view of the world—weighting companies according to how large the market thinks a company will become in the future, and prepays for today—to an economy-centric view—mirroring the current look of the economy. The authors demonstrate that this puts you in a better position to capture considerable profits along the way. Author Rob Arnott and his colleagues at his innovative investment firm, Research Affiliates, spent several years developing the Fundamental Index methodology. In just over three years, the idea has attracted over $20 billion of investment capital from some of the largest and most sophisticated institutional investors in the world. Now, with this book, Arnott and his coauthors Jason Hsu and John West explore the nuances of this approach, its historical roots, and its many practical applications. The Fundamental Index examines how this new twist on indexing can overcome the structural return drag created by traditional capitalization-based indexing strategies—which systematically overweight overpriced securities and underweight underpriced securities—and in so doing, enhance the performance of your portfolio. Throughout these pages, Arnott and his colleagues outline this breakthrough strategy and explain how it can be used to improve investment returns, typically at lower risk and lower cost than most conventional investments. In addition to discussing the powerful long-term performance of this strategy, The Fundamental Indexalso addresses an array of additional advantages associated with the Fundamental Index approach. You'll discover how it allows for more flexibility in your asset allocation decisions and learn how it can be particularly useful when dealing with inefficient market categories such as small companies and emerging markets. Best of all, you'll see how well Fundamental Index portfolios perform when excess returns are needed most—during market and economic downturns. In the years ahead, the Fundamental Index approach will become an important part of the indexing community and an essential alternative for those who are disappointed with the hollow promises of active management and frustrated with the market bubbles that traditional index funds pull us into. This innovative and accessible strategy will give experienced and aspiring investors—and their advisors—a new tool to achieve better returns in a variety of markets and conditions. Pick up this book today and discover how the Fundamental Index strategy can work for you.
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Product details
Hardcover: 336 pages
Publisher: Wiley; 1 edition (April 25, 2008)
Language: English
ISBN-10: 047027784X
ISBN-13: 978-0470277843
Product Dimensions:
6.2 x 1.1 x 9.1 inches
Shipping Weight: 1.2 pounds (View shipping rates and policies)
Average Customer Review:
4.4 out of 5 stars
22 customer reviews
Amazon Best Sellers Rank:
#197,967 in Books (See Top 100 in Books)
The book is well-written in terms of presenting the nuts and bolts of fundamental indexing. It clearly explains why and clearly explains how. It even gives some perspective to the pro's and con's. In that respect, I am completely satisfied with the book and will read parts of it again as needed. That being said, I only finished 75% of the book. By that point, it just got too statistically detailed and too repetitive to finish. Some will find the scope of the book necessary to completely validate the fundamental indexing concept. I would have been happy with a bit less. But if you are interested in fundamental indexing, get this book. If statistics bore you, be ready to skim parts.
Reviewers note the controversial nature of assorted market investors trading from the basic fundamental index and my thoughts for the novice who wants to buy this book and study, be prepared to fully absorb the 300 plus pages offered when I purchased it at around $30. The excellent Appendix, Notes and Reference sections are most helpful. On balance, IF you decide to buy this book, have an open mind, been modestly successful in trading and willing to seriously study this concept to the max.
Arnott is, of course, a genius and his theory is by now a classic. The book is an easy read and provocative. My quick and dirty analysis of the funds that implement his theory has not convinced me to switch from cap-weighted ETFs but I dabbled a bit and believe the subject deserves further research.
The authors describe in detail how the RAFI index methology works and answer also many critisism to their approach. What is still missing is a significant real track record (they mix proforma and actual results, unfortunately). It also shows clearly the shortcomings of the current marketcapweighted indices. In short: Very important subject but maybe too many pages for one idea.
Worth understanding.
Some very interesting ideas. I enjoyed greatly.
Thanks!
A very interesting concept - this book supplies the needed explanations and validation. It shows empirical performance in a wide range of settings
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