Download PDF by Robert C. Carlson: Invest Like a Fox... Not Like a Hedgehog: How You Can Earn

By Robert C. Carlson

ISBN-10: 0470126337

ISBN-13: 9780470126332

Confirmed thoughts for leading-instead of following-fast-changing marketsInvestors, it doesn't matter what process they're utilizing, could be positioned into different types. Single-minded, rigid hedgehogs lock into one approach and keep it up via thick and skinny. Dynamic, adaptable foxes, nevertheless, are alert for adjustments, study from event, include new principles, and utilize new traits and applied sciences. the foremost lies in being versatile and figuring out that markets are dynamic. make investments Like a Fox . . . in contrast to a Hedgehog exhibits traders how being a hedgehog can lessen returns whereas expanding the danger of a portfolio, and the way buying the crafty and flexibility of the fox will enhance returns whereas lowering threat. It finds the shortcomings of well known yet hedgehog-like funding suggestions and indicates how a fox-like investor adjusts to new industry realities. Readers the best way to use the popular Bayesian concept of chance and different guideposts from outdoors the realm of finance to regulate their innovations and react to new info.

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Additional info for Invest Like a Fox... Not Like a Hedgehog: How You Can Earn Higher Returns With Less Risk

Sample text

The lesson learned by one of the key partners whose models had failed was that more elaborate and sophisticated models were needed. ” The essay is an analysis of Russian writer Leo Tolstoy’s philosophy of history. The details of the essay are not relevant to investing, but the essay’s introduction contains an insight that explains the difference between Tiger Woods, Billy Beane, Warren Buffett, and Steven Cohen on the one hand and Long-Term Capital Management on the other. This insight also describes the difference between many successful investors and investment strategies on the one hand and less successful investors and strategies on the other.

Data was compiled on the backgrounds, philosophies and other characteristics of the experts, including how they thought and made decisions. The results are counterintuitive. An expert’s education, professional background, status, and similar factors did not aid accuracy. The expert’s philosophy or core beliefs also did not improve accuracy. In other words, liberals were not more accurate than conservatives; optimists were no better forecasters than pessimists; and realists did not perform better than what Tetlock calls institutionalists.

Indd 10 5/3/07 9:41:59 PM FOXES VS. ” The investment markets failed to follow the rules and models that LTCM had developed. “The mathematicians had not foreseen this. Random markets, they had thought, would lead to standard distributions—to a normal pattern of black sheep and white sheep, heads and tails, and jacks and deuces, not to staggering losses in every trade, day after day after day,” wrote Lowenstein. LTCM eventually was bailed out by a consortium of banks put together by the Federal Reserve Bank, and the original partners lost most of their wealth.

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Invest Like a Fox... Not Like a Hedgehog: How You Can Earn Higher Returns With Less Risk by Robert C. Carlson


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