Dual Momentum Investing: An Innovative Strategy for Higher Returns with Lower Risk 1st Edition
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"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 Publisher
Gary Antonacci has over 30 years experience as an investment professional focusing on under exploited investment opportunities. In 1990, he founded Portfolio Management Consultants, which advises private and institutional investors on asset allocation, portfolio optimization, and advanced momentum strategies. He earned an MBA at Harvard.
- ASIN : 0071849440
- Publisher : McGraw-Hill Education; 1st edition (October 31, 2014)
- Language : English
- Hardcover : 240 pages
- ISBN-10 : 9780071849449
- ISBN-13 : 978-0071849449
- Item Weight : 1.01 pounds
- Dimensions : 6.2 x 0.9 x 9.2 inches
- Best Sellers Rank: #202,913 in Books (See Top 100 in Books)
- Customer Reviews:
Top reviews from the United States
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What I can say is that Gary Antonacci is a real, live human being who responds to email faster than almost anyone I've known. After reading the book, I had a few questions so I went to the website that is mentioned in the book and read through the FAQs. I still had questions, so I clicked the contact link and fired off a quick request. Understanding how these generic contact links on websites generally work, I expected an automated response saying something along the lines of "we have received your request and will respond to you asap", followed by a generic cut-and-paste response to my question from a customer service rep sometime over the next week. With this in mind, the fact that I had even submitted a request quickly floated from my consciousness. An hour later, I was checking my email and I see a response from Gary Antonacci and I think to myself, "Who's Gary Anto...oh wait what??? That's the author...no way that he actually responded to me already..." So I open the email and there it is - an email from Gary specifically addressing exactly what I had asked in my submission on the website. And, not only that, but he was asking me follow-up questions so that he could better guide me! What proceeded was an email exchange over the following day that did not end until all of our questions (both mine and his) were answered. By the end of the exchange, it was clear to me that Gary legitimately believes in what he has written and he cares about the readers and is committed to making sure that they are able to apply the principles found in the book.
I was already sold on the book, based on all of the supporting evidence. I'm now also sold on the author of the book. I couldn't recommend this book highly enough, five stars all the way around.
*** UPDATE - July 30, 2018 ***
I would give this more stars, if I could. Gary actually sent me an email today out of the blue to follow up and make sure that I was able to implement the advice he gave me. Amazing guy and amazing book!
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
Gary does a great job explaining the overall inveting landscape and evaluating the two main anomalies: value and momentum.
In my own experience I have also found that momentum is critical to the overall success of investment strategies and that without momentum value only strategies have a number of problems. What Gary does however, is to provide a great overview of these two approaches (value and momentum) providing a wealth of interesting data. He also does a fabulous job reviewing the overall investing landscape particularly as it pertains to the individual investor. Having said all of that, what makes this book so useful is that Gary provides the reader with step by step instructions to implement his momentum based system using very liquid ETFs. Everything one needs to achieve the results he discusses is provided in the book.
One of the complaints I see often in the reviews of investment books is that there are never any clear instructions on how to generate the results discussed in the book. That is definitely not an issue here.
Having read the vast majority of investment books for the individual investor and quite a few of those for a professional audience I truly believe that this is the best of the best for the individual investor by a wide margin. That includes many of those books considered "classics". Gary's model is very simple but its results are absolutely brilliant. I have seen much more complex systems that don't generate anywhere near the returns as his basic GEM model does. So, if you are an individual investor who has been looking for a way to invest that will demolish 99% of the best money managers while taking less risk than the overall market get this book now!
I can' recommend it highly enough.
Top reviews from other countries
Peter Lynch: 'Far more money has been lost by investors preparing for corrections than has been lost in corrections themselves'.
Charlie Munger: 'The value of my partnership went down 50%…it’s a mark of manhood. You better be able to handle it without much fussing.' and 'if you’re not willing to react with equanimity to a market price decline of 50% two or three times a century you’re not fit to be a common shareholder and you deserve the mediocre result you’re going to get'.
Munger btw has also noted that a famous academic and Noble prize winner was having his money managed by him and Buffett, whilst writing papers and lecturing about the stock market...
I rest my case.
It is the sort of book where the system itself could be described in a chapter, but for anyone interested in momentum investing or long-term trend following there is much interesting behavioural and economic learning contained here.
He also warns against curve-fitting, which gives the book a good deal of credibility. I suspect there is a danger that the overall system may not be quite as profitable as in the past because of the long-term bull market in bonds we have seen in the past 20 years, but if there was a problem with bonds, one could simply go into cash instead.
Highly recommended and good value too.
Furthermore after reading the book I had a question in regards to applying dual momentum investing oustides of teh UK and he was kind enough to reply to email.
Defenitly worth a read.