Investment strategies that beat the market
This is a well written book with several contributing authors who are leaders in the financial world. This will inspire anyone looking to make sense of our rapidly changing world, and how to grow and even thrive through any challenge. Problems require solutions and crisis creates an atmosphere for understanding the problem. After the market collapse of 2008, the trust between the financial industry and the investor was broken. Author John Taft brings some of the best minds in the industry to present their views. This list of authors includes; Robert Shiller (Financial capitalism and innovation); Charles D. Ellis (Restoring ethical standards); Sheila Bair (Regulatory reform); John C. Bogle and Mary Schapiro (Rebuilding investor trust); Judd Gregg (Long-term fiscal imbalances); Barbara Novick (The retirement savings gap) and David Blood (Sustainable finance). The ideas explore how Wall Street can harness the creative energy that invented credit default swaps and channel it towards the public good in the form responsible corporate behavior, ethics, integrity and client focus.
In a free enterprise, the public has the capacity to reward good behaviors and punish bad. However the public has been reluctant to use the full force to rid the Wall Street of its bad actors. Fear, greed and envy will not be kept in check by more rules and regulations. Legally defined standards of care such as fiduciary standard will merely define compliance requirements for a firm to conduct business. Such rules neither restore trust in the financial services industry nor deter bad actors. John Taft suggest that the most effective way of identifying good organizations is to look at how they demonstrate their capacity for authentic leadership, stewardship and governance. There are many good ideas incorporated in this book and I found it fascinating.
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