Investors, be they high-net-worth individuals, institutional investors or other large entities, are often convinced to entrust their portfolio management to a team or individual with seemingly unique experience or expertise, and then incur significant costs for the knowledge, analysis, and resources associated with that expertise. However, as Jacques Lussier reveals, the reality is that many successful portfolio managers dont know the reasons for their success, and while there is something to be said for specialized knowledge, properly managing processes can outperform the markets and achieve 70-80% of the excess returns typically generated by the analysis-intensive approaches, but using half as many resources. Successful Investing is a Process is all about investment process and transparency of investment process. It is about learning from more than half a century of theoretical and empirical literature and about learning from our experiences as practitioners. ? ?The approach is based on an overall investment framework that seeks to increase long-term returns by using a combination of processes that are likely to have a persistent impact on performance. It seeks to simplify the complexity of portfolio management and make it more transparent, to reduce its cost, to exploit the inefficiencies of traditional benchmarks, to introduce efficient portfolio management and rebalancing methodologies, to exploit the behavioral biases of investors and of corporate management, to structurally incorporate LDI (liability-driven investments) concerns, to maximize the benefits of efficient tax planning and to effectively use the concept of diversification whose potential is far greater than what is usually achieved in most investment programs. ? The book is divided into four parts: Part One: Demystifies the fund management industry and the belief that superior performance can be obtained only with superior analytical abilities. There is much evidence that this is not true. Part Two: The four dimensions of the investment process as well as basic notions and concepts about asset valuation and forecasting that are required to support the remainder of the book. Part Three: Explains how to build portfolio components and asset allocation processes that are statistically likely to outperform. Part Four: Combines this all into a coherent framework that can be adapted to the needs/requirements of individual investors and institutions. ? Successful Investing is a Process demonstrates that the objective is not so much to outperform the market, but to let the market underperform. Furthermore, it illustrates that the financial benefits of what is often marketed to investors as financial expertise can generally be explained through simple processes. It offers a disciplined, process-oriented approach that is easier and less expensive to implement and follow--and more likely to produce superior results--than the traditional knowledge-based model.

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