PDF Investment: A History (Columbia Business School Publishing) by Norton Reamer; Jesse Downing in History

Review

0 of 0 people found the following review helpful. The democratization of investmentBy Stewart PaulsonAn informative and entertaining book. The authors; Norton Reamer and Jess Downing; discuss the evolving environment of investment throughout history to illustrate where our present structure originated. The authors describe how much participation has been democratized; the expanded choice of investment vehicles and how the impacts on and investment choices to the middle class in society have changed. They then focus on leverage; resource allocation both capital and skilled labor; diversification; index investing; selection of an investment manager; commission rates; value investing; momentum investing; was well as long term and short term investing; and provide detailed comments on numerous other highly relevant investment subjects. The book is written by highly qualified authors with convincing style. I highly recommend this book as an excellent description of important investment principles to both professional and amateur investor alike.10 of 11 people found the following review helpful. Interesting!By DarrenIngram_dot_comWe are all affected by investments; even if we do not necessarily have any spare cash to put away for a rainy day. Investment is not just for individuals; as companies and governments invest as well. This is not a book that will tell you how to invest; even though it may give some insight; but a considered look at the history of investment through the ages. It is by no means a dry read!Investing was once a privilege of the elite. Many feel that it remains the same today due to global economic conditions; although it is of course more accessible than before and we are much more exposed to investments. The authors take the reader on a tour; showing how investment has developed and became central to everyday life; with its accompanying highs and lows.It is not a feel-good sort of book where reality has been glossed over. Whilst you can read about how investment has become democratised and more-accessible; you also get to learn in detail about frauds and other manipulation that investors and their investments face. Just prepare to be swamped with information. It is true to say that most people don’t really understand investments and investing and for most any control is a veneer or illusion; since you are hoping to make the least-bad selection from the choices being offered.The book mixes carefully the need to inform; entertain; enlighten and maybe even shock and does it well. It probably won’t be a book that the general reader rushes towards (more fool them!) although for those who have an interest in a bit of everything; this is going to be a good companion for a few reading sessions.Should the book not be enough for the reader; the authors have added incredibly copious notes and references for further reading; so that source material can be examined ad infinitum. Accordingly; this book can be a great source of academic indulgence as well. The authors have done well to distil a broad; complex subject into this fairly hefty book; whilst keeping it accessible; interesting and inviting to readers of all types.4 of 4 people found the following review helpful. Unique and Fascinating Investment BookBy Chip RobieInvestment: A History deserves a home on every investment professional’s or enthusiast’s bookshelf. Uniquely; it tells the story of how today’s world of investing came to be. It is not a primer per se; like Burton Malkiel’s “Random Walk” though one can find nuggets of sound investment advice. It has a broader sweep than other interesting investment books by the likes of Peter Bernstein and Charles Ellis. As such; it touches on all aspects of investing but from a historian’s perspective.The book’s principal insight is that over time investing has become more democratic; benefiting society and improving people’s lives; even while creating great wealth for many of its practitioners. While demagogues cavalierly claim the “system” (presumably including the world of investing) has become rigged; the authors’ research suggests otherwise; reminding us where we’ve been and are likely heading.Some readers may find the book starts a bit slowly with visits to ancient investment practices in Mesopotamia and the Roman Empire. They should persevere! Among other things; they’ll discover the origin of the twenty percent performance fee utilized by hedge and private equity funds. And the book’s pace picks up nicely with its chronicle of industry rogues and the passage of ERISA with its impact on investing for retirement. The chapter on investment theory is written with great clarity; worthy of a Chartered Financial Analyst. The chapter on hedge funds and alternative investment vehicles likewise illuminates an otherwise opaque area of the industry. Each chapter stands alone; making it easy for readers to skip around and focus on their greatest interests.Norton Reamer has a singular industry vantage point: security analyst; chief investment officer; chief executive officer of public and private asset managers; industry entrepreneur and now historian. Given this experience; I wish he and his co-author had devoted more analysis as to what over time accounts for effective vs. ineffective investment professionals; executives and their firms. With the well-publicized struggles of many active investment managers today; it would be interesting to have their historical perspective here too. But this is a minor quibble in an otherwise fascinating work of history that helps us better understand our world today.