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The Incredible Shrinking Alpha: And What You Can Do to Escape Its Clutches, by Larry E Swedroe, Andrew L Berkin
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Alpha still exists! But that doesn't mean it is easy to find, or even worth the pursuit.
Larry Swedroe, author of the bestselling series of The Only Guide investment books, and co-author Andrew Berkin bring you the quantitatively chilling tale of The Incredible Shrinking Alpha. As aficionados of classic science fiction, Swedroe and Berkin saw similarities between the monumental struggle of Scott Carey, novelist Richard Matheson's Incredible Shrinking Man, and that of every individual investor trying to beat the market. Swedroe and Berkin explain in academic yet simple terms what is happening to the alpha for which so many investors yearn.
Offering compelling data from decades of academic research, Swedroe and Berkin present the hard truth as they know it — it's not worth the time or effort spent battling to win those few extra cake crumbs. Instead, focus on the things you can control and discover what life has to offer beyond the quest for alpha.
- Sales Rank: #90698 in Books
- Published on: 2015-01-15
- Original language: English
- Number of items: 1
- Dimensions: 8.50" h x .27" w x 5.51" l, .34 pounds
- Binding: Paperback
- 128 pages
From the Inside Flap
"Swedroe and Berkin provide a concise treatment of the research passive and active investors (both individual and institutional and also financial advisors) need to become more successful. This treatment also appeals to college finance students seeking to gain a better understanding of passive versus active investing, along with 'the correct answers.' The authors enable investors seeking to 'generate real alpha' to understand that passive investing is increasingly the correct approach, while active investing is just the opposite."
— John Haslem, Professor Emeritus of Finance, University of Maryland, Robert H. Smith School of Business and Editor/Author of Mutual Funds: Portfolio Structures, Analysis, Management, and Stewardship
"Ever wonder why your actively managed funds almost invariably disappoint you? Piece by piece, the authors peel back the claims that active managers can add value in a system where it gets harder and harder to generate Alpha. In a world where academic research uncovers the true sources of return and markets relentlessly become more efficient, what's an investor to do? Go passive! Swedroe is the master of explaining financial research in terms that every reader can easily understand. Read and improve your financial acumen."
— Francis Armstrong III, Author of The Informed Investor and Investment Strategies for the 21st Century
"Based on decades of research and my personal experiences, I too gave up the quest for alpha long ago. I hold an endowed chair in investments and am a member of The Wall Street Journal Experts panel. Yet, I do not own a single individual stock or corporate bond. Rather, I invest in low-cost passive mutual funds and ETFs. Swedroe and Berkin demonstrate how this strategy can be used to achieve a prudent, globally diversified portfolio. Their book could well end up saving you a lot of money — your money — and giving you a lot of free time."
— William Reichenstein, Investment Professor at Baylor University
"In this short but powerful book, Swedroe and Berkin have advanced the debate on active v. passive to a new level. Their discussion of how alpha (beating the market) has steadily morphed into beta (achieving market returns) is the best description I've read of this process yet. No polemics here, just a data centered exposition of the issues — the longtime trademark of Larry Swedroe."
— Edward Wolfe, Professor Emeritus of Finance, Western Kentucky University
"Swedroe and Berkin roll up their sleeves and dig into decades of research to help us better understand how markets work. The result is a clear and concise synthesis of how investing can indeed be a 'winner's game.' Read, study and apply their approach."
— Tobias Moskowitz, Fama Family Professor of Finance, University of Chicago Booth School of Business and Managing Director, AQR Capital Management
From the Back Cover
"If you think you can beat the market, you need to read this wise book. Swedroe and Berkin show that whatever superior investment performance you may achieve is fully accounted for by the risks you are taking with your money and even risk compensation may be shrinking as well. But there are things you can do, and the authors suggest a number of sensible strategies to improve investment results."
— Burton Malkiel, Author of A Random Walk Down Wall Street
Most helpful customer reviews
15 of 17 people found the following review helpful.
I didn't learn anything new to me but I found the book to be a good reminder.
By GeraldM
This book is fairly light-weight in both length and content. I read it in under two hours and I consider myself a slow reader. The message of the book is contained within 60 pages or so (on my Kindle) which represented about 2/3rds of the content. The rest was appendix material. I didn't learn anything new to me but I found the book to be a good reminder of the things I already knew. Others will have a different experience depending on background (mine spans about a decade now so I've read a fair amount and I read financial news and blog posts every day). Speaking of blogs, I read Larry's frequent posts and I couldn't help but wonder why he chose to do present this material as a book. It would have made a good 4 or 5 part series for a blog (there is another author to consider so I won't speculate). I think most people should read this book because it is a succinct reminder of the enormous difficulty in generating Alpha. Unfortunately, the author's don't tell you what to do about it other than buy low-cost passive funds (who hasn't already said that other than the self-interested mutual fund industry?). They don't provide tools or advice on portfolio construction and perhaps that is not in their interest to do so - nor would it be possible in the short format of this book anyway. Still, they could have made some recommendations for those who want to explore the ideas further. So the reader will come away with knowledge about the nearly insurmountable odds of generating Alpha through active management but it will be left to them to figure out what to do next. Yeah, I know, buy a low-cost, passive index fund along with some passive bond fund exposure, consider global allocation, etc. etc. That all sounds pretty good but it really doesn't cut it given the complexity of the passive fund space.
8 of 10 people found the following review helpful.
Great, Quick Read
By Mark M.
Larry Swedroe hits another home run with The Incredible Shrinking Alpha. This is a timely book that all investors should read, plus it can be read it less than 2 hours.
Much of the discussion in the book is about how alpha has now become beta. Over the years different factors have been discovered the can explain the overwhelming majority of portfolio returns, and it just so happens that many of the outperforming managers simply had more exposure to these risk factors. With the rise of ETFs and passively managed mutual funds, investors are now able to gain access to these risk factors in a much more cost effective way than paying for active management.
If you have read Larry Swedroe's other books and blogs you will see some similar stories and analogies that he has used several times before, but for the most part the book is full of new material and cites numerous academics studies that other books have not mentioned.
I highly recommend this book for all investors interested in this topic along with The Quest for Alpha.
5 of 6 people found the following review helpful.
Great informative book for both armature and professional investors!
By Sean X. L.
It is a great book for both armature and professional investors. The book is light to read (the 2 authors did a great job to put dry academic papers into layman's terms), but the facts and research behind it are rich, thorough, and sound. In 2007, Professor Andrew Lo and his student at MIT published a famous paper: "What happened to the quants in August 2007". It's the first paper I'm aware of that explained and discussed the fact of shrinking Alpha and rising systematic risks among active fund managers. The whole process was a spiral-down: more competition for alpha -> shrinking alpha -> increased leverage to keep the required return level -> higher systematic risk -> alpha becomes beta -> hedge fund beta. 8 years past, I am so glad to see Swedroe and Berkin rolled their sleeves and dig deeper into this trend and provided many newer, broader, deeper, and more detailed facts, phenomenons, research, and discussions on the investment styles' evolving mechanism and profound changes in the investment world.
I got to know Mr. Berkin at work. Berkin is such an intellectual researcher and veracious investment manager that you have to consider his opinion seriously. What should we do in today's market? Well, no matter what we're going to do, read this informative book first, make your informed decisions.
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