Essays in positive investment management

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Pascal Blanqué offers profound insights into investment management in this timely book, advocating for positive investment to counter fanciful illusions. He emphasizes the necessity of understanding today's world, revealing that the investment landscape often resembles a fairytale. Confronting reality challenges established beliefs and truths, particularly during crises. The essays within this volume provide an objective assessment of the discipline's sacred cows, examining the dynamics of financial markets related to value, liquidity, and momentum, as well as the potential for anticipating returns on financial assets and the essence of long-term investment. Blanqué highlights the significance of understanding the psychological aspects of individuals and institutions within this realm of anticipation and imagination, alongside their governance. He explores the roles of time, duration, memory, and forgetfulness in shaping investment decisions. Ultimately, these essays propose innovative approaches to traditional methods, such as allocation, indices, and exploitable inefficiencies. In a time when sound management is crucial to bridge the gap between abundant savings and unmet investment needs, the call for new strategies in investment management is urgent. More investment science is essential for fostering positive outcomes in the financial landscape.