Book Bits: 11 December 2021

Goals-Based Investing: A Visionary Framework for Wealth Management
Tony Davidow
Summary via publisher (McGraw-Hill)
The wealth management industry has undergone a major transformation over the last decade, including increased concerns and skepticism from investors, the growth of robo-advisors, product evolution, and an evolving value proposition—in addition to geopolitical risks, increased correlation across asset classes, changing demographics, and social tensions. Concepts like “Modern Portfolio Theory” aren’t modern anymore, and even Post-Modern Portfolio Theory has become passé. Investing products have evolved significantly over the past two decades, making it easier than ever for advisors and investors to access various segments of the market and unique asset classes. Goals-Based Investing examines product evolution and discusses how to use these tools to achieve your goals.

Capital Allocation: Principles, Strategies, and Processes for Creating Long-Term Shareholder Value
David R. Giroux
Summary via publisher (McGraw-Hill)
The intelligent deployment of capital is one of the most effective ways to create long-term value. But despite this, there are very few capital allocation experts on the boards of the largest publicly traded companies, and academic research consistently finds that most firms deploy capital sub-optimally. Capital Allocation aims to educate senior leaders, board members, investors, students, and anyone interested in business on this important topic. Until now very little has been written on capital allocation outside of academia, even though the strategic deployment of excess capital is an increasingly significant source of competitive advantage for many companies. David Giroux, Chief Investment Officer for Equities and Multi-Asset and Head of Investment Strategy at T. Rowe Price, covers the entire gamut of capital allocation issues, including optimal capital structure, capital allocation alternatives, mergers & acquisitions, and special situations.

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