The Fundamental Index: A Better Way to Invest

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9780470277843: The Fundamental Index: A Better Way to Invest
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2008 American Publishers Awards for Professional and ScholarlyExcellence (The PROSE Awards) Finalist/Honorable mention, Business,Finance & Management.

The Fundamental Index examines a new approach to indexingthat can overcome the structural return drag created by traditionalcapitalization-based indexing strategies, and in so doing, enhancethe performance of your portfolio. Throughout this book, RobertArnott and his colleagues outline this breakthrough strategy andexplain how it can be used to improve investment returns, typicallyat lower risk and lower cost than most conventionalinvestments.

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The Fundamental Index® approach is a straightforwardconcept that weights companies in an indexed portfolio by theircurrent economic scale, rather than by the value of their sharesoutstanding. In effect, this method shifts the frame of referencefor investing from a market-centric view of theworld—weighting companies according to how large the marketthinks a company will become in the future, and prepays fortoday—to an economy-centric view—mirroring the currentlook of the economy. The authors demonstrate that this puts you ina better position to capture considerable profits along theway.

Author Rob Arnott and his colleagues at his innovativeinvestment firm, Research Affiliates, spent several yearsdeveloping the Fundamental Index methodology. In just over threeyears, the idea has attracted over $20 billion of investmentcapital from some of the largest and most sophisticatedinstitutional investors in the world. Now, with this book, Arnottand his coauthors Jason Hsu and John West explore the nuances ofthis approach, its historical roots, and its many practicalapplications.

The Fundamental Index examines how this new twist on indexingcan overcome the structural return drag created by traditionalcapitalization-based indexing strategies—which systematicallyoverweight overpriced securities and underweight underpricedsecurities—and in so doing, enhance the performance of yourportfolio. Throughout these pages, Arnott and his colleaguesoutline this breakthrough strategy and explain how it can be usedto improve investment returns, typically at lower risk and lowercost than most conventional investments.

In addition to discussing the powerful long-term performance ofthis strategy, The Fundamental Indexalso addresses an array ofadditional advantages associated with the Fundamental Indexapproach. You'll discover how it allows for more flexibility inyour asset allocation decisions and learn how it can beparticularly useful when dealing with inefficient market categoriessuch as small companies and emerging markets. Best of all, you'llsee how well Fundamental Index portfolios perform when excessreturns are needed most—during market and economicdownturns.

In the years ahead, the Fundamental Index approach will becomean important part of the indexing community and an essentialalternative for those who are disappointed with the hollow promisesof active management and frustrated with the market bubbles thattraditional index funds pull us into. This innovative andaccessible strategy will give experienced and aspiringinvestors—and their advisors—a new tool to achieve betterreturns in a variety of markets and conditions. Pick up this booktoday and discover how the Fundamental Index strategy can work foryou.

From the Back Cover:

Praise for the fundamental index

"The Fundamental Index® method is a controversial financialinnovation in the field of passive investing, but this bookconfronts the whole range of controversy head on. The case for useof the Fundamental Index method and against cap-weighted indexes isuncommonly lucid, well illustrated, and attention-grabbing. Youcannot reach a judgment on the Fundamental Index strategy, pro orcon, without reading The Fundamental Index."
—Peter L. Bernstein, author of Capital Ideas Evolving

"The Fundamental Index method is a financial innovation sological that it is compelling to any and all who believe thatcommon sense is a required ingredient for portfolioconstruction."
—Bill Gross, Chief Investment Officer and founder of PIMCO

"Rob Arnott's idea is both elegant and profound, yet some verysmart people have trouble grasping his idea because of theirunexamined assumptions about how the market works. This book willhelp the reader get past those assumptions."
—Jack Treynor, President of Treynor Capital Management,Inc.

"Rob Arnott is a financial pioneer and this volume is a welcomeaddition to the rapidly evolving debate surrounding the true natureof indexation and passive investing."
—Andrew W. Lo, Harris & Harris Group Professor, Director,MIT Laboratory for Financial Engineering, MIT Sloan School ofManagement

"Rob's research on the Fundamental Index approach was a majorepiphany for me. He has turned conventional investing wisdom on itshead. This idea is a BIG deal—it will be the fastest newinvestment idea to reach $100 billion in assets in history. Everyinvestor needs to read this book."
—John Mauldin, Millennium Wave Investments, author of Bull'sEye Investing and Just One Thing

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