Reducing the Risk of Black Swans

Reducing the Risk of Black Swans

Using the Science of Investing to Capture Returns With Less Volatility

Book - 2014
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The latest book from authors Larry Swedroe and Kevin Grogan. From Larry Swedroe, author of the bestselling series of "The Only Guide" investment books, and Kevin Grogan, co-author of "The Only Guide You'll Ever Need for the Right Financial Plan," comes "Reducing the Risk of Black Swans." Designed for professional financial advisors and educated investors alike, Swedroe and Grogan wrote this book especially for those looking to expand their technical knowledge of the evidence-based investing world. "Swans" provides an in-depth look at portfolio construction and offers a roadmap for those interested in refining their portfolio. From CAPM to the three-factor model, Swedroe and Grogan present some of the academic underpinnings that have led to what we now commonly recognize to be modern financial theory. Taking it one step further, they provide specifics on what it takes to build a more efficient portfolio. Based on an overwhelming amount of hard data and research, Swedroe and Grogan make their case for reducing the risk of black swans.
Publisher: St. Louis, MO :, Bam Alliance Press,, [2014]
Copyright Date: ©2014
ISBN: 9780615992976
Branch Call Number: 332.6 SWE
Characteristics: xiv, 87 pages : illustrations ; 22 cm
Additional Contributors: Grogan, Kevin - Author

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m
msheldon
Jan 27, 2016

This book has a nice review of efficient frontier investing and shows how you can reduce volatility for the same gain. This is straight forward mean-variance analysis. Good stuff to learn about, and this covered the basics in a short easy-to-read pamphlet format.

My main disappointment with this book is that the title explicitly refers to "Black Swan" events which occur because the mean-variance analysis is based on simplifying assumptions that don't match reality. I was hoping to see this issue directly addressed. Instead, the words "fat tails" and "black swan" are dropped in as a couple of adjectives near the end of the book to add some descriptive color.

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