In this quarter’s edition of the Journal of Investment Management, Windham associate Savannah Smith provided a book review of “Rational Investing: The Subtleties of Asset Management” by Hugues Langlois and Jacques Lussier.

It may sound odd, but the word that comes to mind when describing this book is humble. Langlois and Lussier are humble in how they present the book to the reader. They begin Rational Investing: The Subtleties of Asset Management by stating – in depth – what their mission is not: They are not trying to reinvent the wheel. They are not going to make any grand statements about the markets, or particular asset classes, or about which investing methods are better than others. They are not going to take sides. The message they sent about the asset management industry is also humbling. With chapters and subsections titled “We Know Less Than We Think,” “Are We Any Good at Predicting Risk?” and “Managers and Advisors Are Not Your Friends,” I found this book to be refreshingly honest about the industry while managing to avoid cynicism.