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Simple But Not Easy

An Autobiographical and Biased Book About Investing

By Richard Oldfield

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About the Author

Richard Oldfield

Richard Oldfield is chief executive of Oldfield Partners LLP, which manages equity portfolios for families, trusts, charities, endowment funds and pension funds with an approach the firm describes as long-only, concentrated, value-focused, and index-ignorant.

Contents Listing

Foreword by Peter Stormonth Darling
Introduction

1. Howlers galore
2. Types of investments
3. Hedge funds
4. Fees
5. Indices and index-hugging
6. Benchmarks
7. What to look for in a manager
8. What not to look for in a manager
9. How to be a successful client
10. When to fire a manager
11. Keep your distance
12. The folly of forecasting
13. Valuation matters
14. Heuristics

Afterword and Acknowledgements
Foreword by Peter Stormonth Darling
Introduction

1. Howlers galore
2. Types of investments
3. Hedge funds
4. Fees
5. Indices and index-hugging
6. Benchmarks
7. What to look for in a manager
8. What not to look for in a manager
9. How to be a successful client
10. When to fire a manager
11. Keep your distance
12. The folly of forecasting
13. Valuation matters
14. Heuristics

Afte ...

Jacket Text

Described by the author as "a slightly autobiographical and heavily biased book about investing", Simple But Not Easy has plenty of interest to the experienced professional, and is aimed also at the interested amateur investor.

The theme of the book is that investment is simpler than non-professionals think it is in that the rudiments can be expressed in ordinary English, and picked up by anybody. It is not a science. But investment is also difficult. People on the outside tend to think that anyone on the inside should be able to do better than the market indices. This is not so. Picking the managers who are likely to do better is a challenge.

Richard Oldfield begins with a candid confession of some of his worst mistakes and what they have taught him. He discusses the different types of investment, why fees matter, and the importance of measuring performance properly. He also outlines what to look for, and what not to look for in an investment manager, when to fire a manager, and how to be a successful client.

Professional Reviews

"the best book of its kind I have ever read" - William Ress-Mogg, The Times

"...the best practitioners book since Barton Briggs's 'Hedge Hogging'...an expert, extremely readable real-life tour through the main features of the investment landscape" - Alistair Blair, Investors Chronicle

"the most accessible (and amusing) book about investing I have read" - Jonathan Davis, The Spectator


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