- Hardcover: 240 pages
- Publisher: McGraw-Hill Education; 1 edition (October 31, 2014)
- Language: English
- ISBN-10: 0071849440
- ISBN-13: 978-0071849449
- Product Dimensions: 6.2 x 0.9 x 9.2 inches
- Shipping Weight: 1 pounds (View shipping rates and policies)
- Average Customer Review: 320 customer reviews
- Amazon Best Sellers Rank: #31,790 in Books (See Top 100 in Books)
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Dual Momentum Investing: An Innovative Strategy for Higher Returns with Lower Risk 1st Edition
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"I ran the numbers for this strategy myself and they are quite impressive. The back-test makes sense, as do the behavioral reasons for the momentum factor." - A Wealth of Common Sense
"Gary Antonacci's Dual Momentum Investing provides both a fantastic introduction to momentum investing, as well as a sophisticated discussion of and an approach to achieving risk-managed exposure to the anomaly across asset classes." - Alpha Architect
"Antonacci's extensive research and his clear-headed thinking have led to a book that every investor should read...The practically oriented investor will find a road map for moving ahead and staying out of really big trouble." - Reading the Markets
From the Inside Flap
After examining more than two-hundred years of data across dozens of markets and asset classes, the conclusion is clear: Momentum continually outperforms. However,most mainstream investors haven't had a way to fully discover and implement the benefits of momentum investing .. . until now! Whether you're an independent investor, investment professional, or money manager, Dual Momentum Investing enables you to consistently profit on major changes in relative strength and market trend.
Based on the award-winning work of Gary Antonacci, an expert in modern portfolio theory and optimization, this groundbreaking guide presents an easy-to-understand,straightforward model that transforms momentum concepts into an actionable investing strategy called Global Equity Momentum (GEM). By combining relative-strength momentum and absolute momentum, this unique methodology lets you take advantage of intra-market trends while avoiding large drawdowns. A disciplined implementation of his proven strategy enhances the ability of every investor to:
* Lock in profits and mitigate risk with a minimal number of switches per year among U.S. equities, non-U.S. equities, and bonds
* Establish meaningful control over investment risk once an asset's value begins to decline
* Remove emotional and behavioral biases from your decision-making,while taking advantage of these same biases in others to achieve exceptional returns
Each facet of GEM is explained in simple clarity using the perfect amount of supporting theory, historical analysis, and understandable data. Pragmatic techniques come to life with real-world relevance that both deepens your understanding of why dual momentum works and better prepares you for using it with your own investments. From picking a cost-effective brokerage firm, to making asset choices, to customizing your strategy as you near retirement--this reliable guide helps you do it all with the confidence you'll gain through repeated success.
You put a lot into earning your wealth, now take the nextstep with Dual Momentum Investing and properly protect it while it's working for you.
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Takeaways from the book:
- Book is divided into 10 chapters with 150 pages in total
- Dual momentum is a combination of relative strength and trend-following methods
- Author has MBA from Harvard B-school and is an ex-money manager
- Chapter 1, 2 and 3 go into the background and history of Index funds, Stats and Modern Portfolio Theory - Nothing stands out in these chapters
- Chapter 4, and 5 take the reader into the world of momentum, asset selection - Slightly pedantic and the reader has to work through these chapters for the money section
- Chapter 6 and 7 set the stage for the concept of Smart Beta and Risk management
- Chapter 8 and 9 are the core part of the book and provide the true value of investing in this book, I don’t want to reveal the secret sauce that author has distilled from his “pracademic” work and would recommend you get a copy of this valuable book
- Overall, I feel that this book was a great investment in our portfolio. I have been practicing his method for the last 6 months and have been keeping up with the market
- I had lot of execution doubts that I wrote to the author, through his personal site, and he responded within 24 hours with good answers
There's no fluff in this book, no tedious chapters that serve little purpose (there are two chapters that Antonacci warns are a little wonkish but I found them useful, and if you skipped them you wouldn't miss a beat). The trading methodology is accessible to all, and the data needed is available via Yahoo and probably through most online investing platforms.
This book is going in the 'special reserve' section of my investing library.
The methods discussed in the book are no black box but an empirical analysis based on statistical data. This is not the usual 'Making 1 Million in 30 Days' blurb, it’s very dry and unexciting, nothing to boast about with your financially savvy friends but an absolute simple and convincing approach to put your money where it belongs to: at work. The author is comparing various methods used in the 'Industry' and delivers answers why - despite all our believes and convictions - fund managers, bankers, financial advisers, etc. have a hard time to outperform the market.
The author comes up with a method which simplicity - at first - is actually hard to embrace. 'There must be more to it.' you might think after discovering the simple mechanics of an method which cuts out any emotions, thinking, advise or opinion. In great detail he explains the power of momentum and refers to various academic research results. He adds an additional element to a momentum investing approach by differing and skilfully combining between relative momentum and absolute momentum. He calls the result dual momentum for which he will hopefully become famous one day!
You might not like that there is many months of doing nothing, you might not like that the returns are 'only' anywhere from 10-15% above inflation, you might not like that the method is lagging in strong bull markets (like in the last 5 years) and you might not like the simplistic approach of the method. This book is for you if you are after a method which has proven that it dynamically adopts in changing market conditions and makes the best from any economic cycle. This is not a short-term become rich quick approach but a long-term approach to keep your money safe in adverse and exposed in favourable conditions.
Many don't remember the high inflation in the 70'S (which caused the 30 year bull market for bonds) or the 2000/2008 bear market (which caused the 5 year bull market for stocks) or the $2000 peak for gold in 2012 (which caused the 3 year bear market in commodities). Right now we are faced with yields close to zero which brings its very own problems. What is going to happen with the next rate increase? How can we tame inflation once released? If you are able to perfectly sail through any market condition and economic cycle, then you might not need this book. However, if you want a method which is clear and understandable, which has a proven track record, which gives you peace of mind about your money at work, then you will be pleased with the book.
But the book is not only for the lost in investing. It is a handbook, a guidebook and an inspiration for anyone daring and capable to develop their very own strategies based on the ideas of dual momentum. Enjoy!