The ETF Strategist: Balancing Risk and Reward for Superior Returns

by Russ Koesterich

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Editorial Reviews
Product Description
A sophisticated guide to today’s hottest investment vehicle— exchange traded funds

The ETF Strategist is aimed primarily at investment advisers and sophisticated retail investors who are interested in using exchange traded funds, or using them more effectively than they already do.

Compared with mutual funds, ETFs can offer a better way to diversify risk, target specific sectors or countries, avoid style drift, and maintain a specific asset allocation that might include real estate or commodities.

Previous ETF books have focused on their mechanics, regulation, and other basic information. But The ETF Strategist goes much further, showing how ETFs can improve many aspects of an overall investment strategy. It explores advanced concepts such as alphabeta separation, which basically means “don’t confuse skill with risk.” And it shows how different ETFs can be combined to find the ideal balance of risk and potential reward.

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All Customer Reviews
Average Customer Review: 4.5 out of 5 stars

1 of 1 people found the following review helpful:

3 out of 5 stars

Light on Strategy, 2008-09-10
Well written and helpful on understanding what ETFs are and their benefits. The addition of a chapter that would give examples of portfolio construction using ETFs would have added punch and really earned the use of the word "Strategy" in the title.

1 of 1 people found the following review helpful:

5 out of 5 stars

OUTSTANDING book, 2008-07-04
The author's writing style is easy to read and just repetitive enough to allow concepts to sink in. The nuts and bolts of ETFs are very well covered. This includes how they are created, how they are "indexed", and how they may or may not adequately follow the index they are designed to follow. The author also covers costs of ETFs and tax consequences of ETF investments. ETFs of all varieties are covered from equities and fixed income to commodities and alternative investments. The author did not create a "do it this way" book but rather provided a very comprehensive foundation for understanding ETFs within the larger context of porfolio creation and management.
The author includes some other great pearls of wisdom in the first several chapters that are useful for any investor. This includes a well documented review of the elemental causes for unusually high returns on equity investment that have been experienced since the 1980s until recently. He also provides great insight on the ultra-competitive nature of the markets that individual investors face. This includes a great discussion of the types of risk and how to develop a healthy perspective on risk particularly relative to one's abilities as an investor.

Every individual investor should have this book!!!

4 of 4 people found the following review helpful:

5 out of 5 stars

MBAs Only, 2008-06-05
This is an excellent book. Very intelligent and well written. It is NOT a how to do it book.

The first third of the book is totally about the theory of risk vs reward and about how beta can be used to estimate risk and volitility. He does an excellent job of explaining beta.

After that there is a long section on the legal structure of the business entities that offer ETFs.

Following this, about half the book describes a very short list of the available ETFs and describes the sectors to which they offer exposure. Note that "Offer exposure" is as close as it gets to a buy when /sell when / hold when recommendation.

If you are interested in the theory of constructing a portfolio and tweaking the risk relative to the market this book deserves five stars.

If you are looking for a book that tells you "If you expect energy stocks to go up buy XLE." This book rates zero stars.

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