{"product_id":"reasons-to-pass-a-guide-to-making-fewer-and-better-investments-9780231207089","title":"Reasons to Pass: A Guide to Making Fewer and Better Investments","description":"\u003cp\u003e\u003c\/p\u003e\u003cblockquote\u003e\n\u003cbr\u003eConfidence and conviction are key to success in asset management, but they can lead to optimal decision-making and long-term investment performance. Reasons to Pass by Ralph Birchmeier argues that an optimal portfolio-building strategy means patiently waiting for the few investments worthy of capital allocation and that humility and the willingness to accept uncertainty are essential for long-term success. \u003c\/blockquote\u003e\u003cp\u003e\u003cstrong\u003eFormat\u003c\/strong\u003e: Hardback\u003cbr\u003e\u003cstrong\u003eLength\u003c\/strong\u003e: 320 pages\u003cbr\u003e\u003cstrong\u003ePublication date\u003c\/strong\u003e: 07 March 2023\u003cbr\u003e\u003cstrong\u003ePublisher\u003c\/strong\u003e: Columbia University Press\u003cbr\u003e\u003c\/p\u003e \u003cp\u003e\u003cbr\u003e\u003cbr\u003e\u003c\/p\u003e\u003cp\u003eConfidence and conviction are the keys to success in asset management. Analysts projecting these traits become more likely candidates for promotion; clients gravitate to portfolio managers who radiate assurance about future performance. However, these qualities do a disservice to optimal decision making and long-term investment performance. The future is too complex to justify such levels of confidence.\u003c\/p\u003eIn Reasons to Pass, the seasoned practitioner Ralph Birchmeier argues that an optimal portfolio-building strategy means patiently waiting for the few investments worthy of capital allocation. He outlines the principles required for success and then examines specific reasons to pass on investments, detailing behavioral biases that disrupt optimal decision-making. Although professional and retail investors alike are tempted by various opportunities, the wisdom of experience proves the value of prudence. An investing strategy built to last requires humility and the willingness to accept uncertainty; most of the time, it's best to pass.\u003cbr\u003e\u003cbr\u003eReasons to Pass brings investing back to the basics, helping readers navigate the complexity of the financial landscape and bringing clarity to the investment process. By underscoring the perils of overconfidence and the importance of humility, this book offers invaluable new perspectives on investing for the long term.\u003cp\u003e\u003cstrong\u003eWeight\u003c\/strong\u003e: 654g\u003cbr\u003e\u003cstrong\u003eDimension\u003c\/strong\u003e: 161 x 239 x 27 (mm)\u003cbr\u003e\u003cstrong\u003eISBN-13\u003c\/strong\u003e: 9780231207089\u003c\/p\u003e","brand":"Ralph Birchmeier","offers":[{"title":"Hardback","offer_id":44126060806394,"sku":"9780231207089","price":24.28,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0522\/4297\/2845\/products\/1679470300009_book_00dc51be-87a5-4806-8804-4e129bfc23f3.jpg?v=1679772663","url":"https:\/\/shulphink.com\/products\/reasons-to-pass-a-guide-to-making-fewer-and-better-investments-9780231207089","provider":"Shulph Ink","version":"1.0","type":"link"}