Efficiently Inefficient: How Smart Money Invests and Market Prices Are Determined

"Encyclopedic in its cataloging of active management strategies and authoritative in its analysis of the practical issues of their implementation."—Martin S. Fridson, Financial Analysts Journal

"This valuable and intriguing book provides a contemporary survey of investments across a wide spectrum of asset classes and strategies. Combining a wonderful narrative with a rigorous analytical structure, Efficiently Inefficient serves the needs of students, serious investors, and professionals."—Gary P. Brinson, CFA, GP Brinson Investments

"For a book on investments, Efficiently Inefficient sets a completely different and higher standard."—Darrell Duffie, Stanford University

"Efficiently Inefficient is a truly modern and masterful introduction to how finance will be studied and practiced in the twenty-first century."—Andrei Shleifer, Harvard University

"A tour-de-force combination of original research and provocative interviews with hedge fund managers."—Laurence B. Siegel, CFA Institute Research Foundation