thought-provoking discussion of the problems of investing in central
bank-infested markets, I strongly recommend Pascal Blanqué's book", John
rare to come across an incumbent top-level investment professional today who
questions the worth of virtually every tool of his or her trade", Amin Rajan,
CEO Create Research, in Financial Times.
Blanqué contends that liquidity is a dimension clearly missing from the
thinking of investors", Liam Kennedy, Investment & Pensions Europe.
are few people with better insight into investment management than Pascal
Blanqué. After the warm welcome with which the book Essays in Positive
Investment Management was received, the author is publishing a second,
expanded edition. It contains, in particular, discussion of the notion of
liquidity as the missing element of the modern portfolio theory; together with
the changes in macro-financial regime as a key determining factor for
investment strategies. In this regard, the combination of savings glut, QE glut
and secular stagnation, which shapes our environment, is a lasting feature
which brings fresh challenges.
In this important and timely book, Blanqué
made a powerful claim for positive investment in order to avoid fanciful
illusions. He assigned it the task of understanding what is happening in
today's world. Blanqué argued that the investment world contains many elements
of a fairy tale and showed that a mere confrontation with reality leaves its
mark on the impressive procession of theoretical, sacred cows, of established
beliefs and truths. As does the confrontation with crises. These essays
accordingly included an objective assessment of the discipline's sacred cows
and explored a number of ways to renew the traditional approaches.
has never been such a need for sound management to bridge the gap between
abundant savings and unsatisfied investment requirements. We need new ways to
rechannel investment management for the good. We need more investment science