Headed by Bernstein, the quantitative equity and equity derivatives strategies group at Merrill Lynch is noted for their proprietary research on market segmentation and style investing. In this book, he highlights the macroeconomic, microeconomic and expectational factors that can affect equity market segment performance. The first section focuses on the definition and identification of market segments and reviews the major equity market segments that concern today's institutional investors. Part two analyzes the historical result of each segment of style strategy within the context of the economic and expectational framework. Lastly, it describes current issues and problems in equity markets and their implications for pension plan sponsors.
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Headed by Bernstein, the quantitative equity and equity derivatives strategies group at Merrill Lynch is noted for their proprietary research on market segmentation and style investing. In this book, he highlights the macroeconomic, microeconomic and expectational factors that can affect equity market segment performance. The first section focuses on the definition and identification of market segments and reviews the major equity market segments that concern today's institutional investors. Part two analyzes the historical result of each segment of style strategy within the context of the economic and expectational framework. Lastly, it describes current issues and problems in equity markets and their implications for pension plan sponsors.
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Most Helpful Customer Reviews
28 of 29 people found the following review helpful:
5.0 out of 5 stars
Excellent, a Truly Unique Book,
By A Customer
This review is from: Style Investing: Unique Insight Into Equity Management (Frontiers in Finance Series) (Hardcover)
This is a very unique book. It covers topicswhich other books do not. Most other investing books look at stock picking, technical methods for market timing, or basic value vs. growth strategies. This book goes beyond these areas and suggests how and why value vs. growth cycles occur. It also touches on topics not discussed in other areas, like the earnings life cycle, equity duration, and the macroeconomic variables that influence the stock market. It also touches on how institutional investors behave and criticizes, justifiably, some of the decisions they make. I have read about 300 books on the markets, and this is quite unique. I thought I had read it all after over almost a decade as a full time trader.
14 of 14 people found the following review helpful:
5.0 out of 5 stars
An balanced insight into style investment management,
By A Customer
This review is from: Style Investing: Unique Insight Into Equity Management (Frontiers in Finance Series) (Hardcover)
An insightful read. Perhaps more could have been made of the investment practicalities involved in when to actually make a transition from one style to another. It would also have been nice to have been given further details on style index constuction in order to aid the investment profesional. But overall, a seminal and defining book on style investment.
3 of 3 people found the following review helpful:
5.0 out of 5 stars
Run your own growth value overlay using these factors,
By Terence P. Grennon (NY, NY) - See all my reviews
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This review is from: Style Investing: Unique Insight Into Equity Management (Frontiers in Finance Series) (Hardcover)
Whether you are an institutional investor or individual investor using style specific mutual funds or ETFs, the factors detailed in this book work will teach you when to switch from growth to value to manage a portfolio of domestic equities. I should know I backtested the factors over the last 30 years and found that the model portfolio outperformed the S&P 500 by over 50 bps annualized.
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