Essays in Positive Investment Management

There are few people with better insight into investment management th an Pascal Blanqué. In this important and timely book, Blanqué makes a powerful claim for positive investment in order to avoid fanciful illu sions. He assigns it the task of understanding what is happening in to day’s world. Blanqué argues that the investment world contains many el ements of a fairytale and shows that a mere confrontation with reality leaves its mark on the impressive procession of theoretical, sacred c ows, of established beliefs and truths. As does the confrontation with crises. The essays included in this volume accordingly include an objective as sessment of the discipline’s sacred cows, the effective dynamic of the financial markets concerning value, liquidity and momentum, the possi bility of anticipating the return on financial assets and the reality of long-term investment. Blanqué demonstrates the importance of a bett er understanding of the psychological referential of the Subject and o f those individuals who interact within this universe of anticipation and imagination, and also that of institutions and their governance. B lanqué describes the role of time, duration, memory and forgetfulness. Ultimately, these essays explore a number of ways to renew the tradit ional approaches (allocation, indices, inefficiencies which can be exp loited...). There has never been such a need for sound management to bridge the ga p between abundant savings and unsatisfied investment requirements. We need new ways to rechannel investment management for the good. We nee d more investment science not less.