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Equity Management: Quantitative Analysis for Stock Selection by Bruce I. Jacobs and Kenneth N. Levy With a foreword by Harry M. Markowitz, Nobel Laureate |
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Endorsements
“This is a great
compendium of Jacobs and Levy’s excellent research. These articles have
certainly influenced my own work, and should be considered mandatory reading for
any equity investor interested in quantitative techniques.”
Richard
Bernstein, Five-Time Winner,
Institutional Investor’s All-America
Research Team
“Not only have
Bruce Jacobs and Ken Levy run a successful asset management firm for a number of
years, they have been willing to share some of their insights with the
investment community through their writings. This compendium of their work
demonstrates how investors can combine economic and company fundamentals and
qualitative factors in the investment process. While not everyone agrees with
their conclusions, few would be bold enough to disregard their arguments or
argue with their success.”
Jon A.
Christopherson
“Equity
Management is a book that every serious student of stock selection and
portfolio management should read and devour. Bruce Jacobs and Ken Levy are
outstanding members of the small band of first-rate academics (including several
Nobel laureates) who have managed with great success to implement their academic
research in the real world of Wall Street. The articles in this collection
present a coherent picture of the authors’ path-breaking research into the
numerous “anomalies” which, taken together, can be used to build a
successful stock selection and portfolio construction process. Jacobs and Levy
make a very strong case, both in their research and in their practice, for their
proposition that by combining many factors, each of which may be individually
too weak to base stock selection upon, a successful “quant” strategy can be
developed. Every advanced investments student in an M.B.A or Ph.D. program, every
CFA candidate, and every portfolio manager should read this book.”
David
K. Whitcomb, Professor
Emeritus of Finance, Rutgers University and
“As I was reading
this book, I was reminded of how thought-provoking and prolific Bruce Jacobs and
Ken Levy really are. Any one of these articles is deserving of an ‘article of
the year’ award. Together, they provide an abundant source of ideas for any
investor interested in winning stock selection techniques.”
Brian
Bruce, Editor-in-Chief, The
Journal of Investing
“Normal investors
commit normal cognitive errors; they confuse good stocks with good companies,
and markets that have risen with markets that will rise. Jacobs and Levy,
long-term students of financial markets, demonstrate how the exceptional
investor can profit by taking advantage of the actions of normal investors. This
is an insightful book.”
Meir
Statman, Glenn Klimek
Professor of Finance, Leavey School of Business, Santa Clara University
“Many cooks have
whipped up a recipe for quantitative investment
Wayne
H. Wagner, Chairman, Plexus
Group, Inc.
“I have long made
the work of Jacobs and Levy required reading for my portfolio management class.
They combine rigorous academic research with valuable insights into the real
world of investment practice. Equity Management should be on the bookshelf of every serious
student of the stock market today.”
Edward
M. Miller, Research
Professor of Economics and Finance, University of New Orleans
“Jacobs
and Levy have composed a virtual encyclopedia of techniques and strategies that
investors can use to outperform the stock market. It is destined to take its
place among the classics of the field.”
Frank
J. Fabozzi, Adjunct
Professor of Finance, School of Management, Yale University and Editor, The Journal of Portfolio Management
“Last
year has been an outstanding year for useful books that provide an insight into
modern portfolio theory. One of these is Equity Management: Quantitative
Analysis for Stock Selection by Bruce Jacobs and Kenneth Levy. . . Much of
their work focused on the complexity of the stock market and the limitations of
the idea of market efficiency. They discuss ideas such as long-short investing,
which are just emerging in Australia, in considerable detail.”
David Lee, Consultant to Australian, New Zealand and
Asian Super Funds, in Shares & Personal Investor (Australia), August 1,
2000
“Everything from portfolio engineering, the long-short investment strategy, and data analysis for market
inefficiencies--it’s all featured in this modern-day classic that’s already become required reading in academic programs.”
Financial Planning Interactive, September 29, 2002