Fiduciary Wealth Partners believes in making investment decisions on behalf of our clients based on independent evidence.
Jamie and I know many successful, traditional hedge fund and alternative managers. They often ask us why we don’t generally recommend active management strategies. We tell them we would be happy to suggest any strategy to a client, but the numbers have to work.
Unfortunately, when we compare the numbers to all appropriate benchmarks or peer groups, instead of just those in marketing presentations, the results tend to point in one direction: that index funds, when appropriately diversified, are hard to match, especially after taxes.
Many are skeptical that a keep-it-simple, index-fund oriented approach can perform as well or better than more complex strategies designed by some of the top minds on Wall Street. We refer these skeptics to the numbers and conclusions presented in academic studies, books by respected industry leaders, and independent reports in respected publications.
Below is an initial list of books we recommend (please click on the images of links for more information). Other research and publications we recommend can be found on our Philosophy and Approach pages or on our Scribd book list site or on Pinterest.
We hope you find this useful and that it sparks healthy debate. Whether you agree with it or not, let us know your thoughts.
The Elements of Investing: Easy Lessons for Every Investor – Burton G. Malkiel, Charles D. Ellis – Google Books
Unconventional Success: A Fundamental Approach to Personal Investment – David F. Swensen – Google Books
What Wall Street Doesn’t Want You to Know: How You Can Build Real Wealth – Larry E. Swedroe – Google Books
The Four Pillars of Investing – William J. Bernstein – Google Books
Winning the Loser’s Game, Fifth Edition: Timeless Strategies for Successful Investing – Charles Ellis – Google Books
Index Funds – The 12-Step Recovery Program for Active Investors – Harry Markowitz, Mark Hebner – Google Books
The Ivy Portfolio: How to Invest Like the Top Endowments and Avoid Bear Markets – Mebane T. Faber, Eric W. Richardson – Google Books