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The Art of Execution: How the world's best investors get it wrong and still make millions

4.05  ·  Rating details ·  651 ratings  ·  55 reviews
Over seven years, 45 of the world's top investors were given between $25 and $150m to invest by fund manager Lee Freeman-Shor. His instructions were simple. There was only one rule. They could only invest in their ten best ideas to make money.
It seemed like a foolproof plan to make a lot of money. What could possibly go wrong? These were some of the greatest minds at work
...more
Kindle Edition, 208 pages
Published September 14th 2015 by Harriman House
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Gennady
Aug 24, 2019 rated it it was amazing
This review has been hidden because it contains spoilers. To view it, click here.
Owen Jones
May 09, 2017 rated it it was amazing
Shelves: investing
Lee Freeman-Shor is a fund-of-funds manager at Old Mutual Global Investors, one of the many fund partners available on our fund supermarket. His book isn’t really about investing, instead it’s more of an exploration of human behaviour under different types of stress, and this is what makes the book fascinating.
Freeman-Shor splits his investors into different ‘tribes’ to describe their behaviour. He finds that the same investors make the same mistakes, or do the right things, time and time again.
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James
Dec 24, 2020 rated it really liked it
1. USE MOVING STOP LOSSES to preserve capital (minimize big losses) while embracing the right tail (riding winners) - PM's won big in a few names while ensuring the bad ideas did not materially hurt them
2. invest big in a few positions; don't over diversify- build position in each idea over time, saving ammo to lower DCA
3. materially adapt - add to position when losing or sell out
4. don't be a raider + rabbit - If you combine the urge to sell winners too soon with the reluctance to sell losers,
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Subash
Jan 09, 2018 rated it it was ok
Yet another investment book with tons of quotes from investment biggies and human psychology. Easily avoidable.
Joseph Jammal
Jul 31, 2019 rated it really liked it
In a year of reading investment books, this is a standout. Brief and clear Lee Freeman-Shor does not waste your time with excessive anecdotes or digressions. The style is direct and the information included is humbly stated and well supported by data and case studies.
Pradip Caulagi
Sep 17, 2018 rated it liked it
This was one of the aha moments for me, since I heard it for the first time -

"
And crowds are often surprisingly wise - the market can be right even when everyone who makes it up is individually wrong.

In 1987 Jack Treynor presented 56 of his students with a jar full of jelly beans and asked them a simple question. How many jelly beans were in the jar? There were 850, but not one student got it right - hardly surprising.

What is more surprising is that despite the guessed varying massively from one
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InvestingByTheBooks.com
Aug 20, 2018 rated it it was amazing
I’m a terrible snob when it comes to investment literature. Books written for private investors rarely interest me. This is different. This might be the most important book on investments that a private investor can read – if he can gather the discipline to follow the advice. It might actually save quite a few professional portfolio managers’ bacon as well.

Lee Freeman-Shor is the PM of Old Mutual’s Best Ideas Fund. The fund’s strategy is to select the 45 best investors they can find and let them
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Ludo
May 22, 2022 rated it really liked it
Interesting, forces to confront behavioral bias, but not a magic recipe (which he seems to claim he has...)
D.B.
Jun 16, 2021 rated it it was ok
This book is frankly kind of a mess. It's not well written, but that can be forgiven as long as the ideas are valuable. Sadly, they're not.

The author argues that some strategies are good, and other strategies are bad. The evidence provided for these broad claims are examples where stocks are purchased for one price, and later sold at another. Then the author concludes that because the stock went up a lot holding on to the stock must have been justified, and in other cases where the stock goes do
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Ragavendhra Perumall
Jun 24, 2020 rated it really liked it
I’ve got some powerful ideas from this book and acted on it. You lose on a few investments and still you make money, how is that possible ? This book covers some interesting ideas.
Terry
Sep 13, 2022 rated it really liked it
Shelves: investing
a very short book, written by a practitioner.

The key idea is that that execution of ideas is more important than idea generation. I agree with it. Analyzing stocks is very different from investing. Among the author's samples (fund managers he has hired), hit rate is only 49%, meaning more than half of buy ideas actually lose money. But good fund managers manage to loss small in the bad ideas and win big in the good ideas.

The author categorizes investors into 5 types - The Rabbit (do nothing wh
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Wulan Suci Maria
Oct 20, 2018 rated it it was amazing
A very helpful and practical book for someone who is super blind in this sector (me). I enjoyed reading the book and had many aha moments while reading the book. I think it is because it doesn’t discuss hard technical formula, but rather the psychological side of pro investors when they face losing and winning situation.

The author classifies many of ‘pro’ investor into 5 types, tells the differentiation response for each types, and advices which one is the best response.

Simple mantra that actua
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Alex
Oct 22, 2019 rated it it was ok
This review has been hidden because it contains spoilers. To view it, click here.
Ugh
Feb 25, 2021 rated it liked it
Good advice, no doubt, but not much of it - and if you've read much on investing before, you'll probably already be familiar with what there is, not least because it's been regurgitated abundantly by the investing world. I read the Kindle sample, was torn whether to fork out for the full book, Googled around to see if I could get the gist from blogs etc about the book, decided I probably could, then caved and bought the book anyway, only to discover that I really had got the gist already.

I would
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Justas Šaltinis
Jul 27, 2021 rated it really liked it
"The bulk of investors' return in bull markets come in the first third of the rally. Also, the first half of a rally accounts for two-thirds of the overall return in a bull market."

"Forecasts tell you little about the future but a lot about the forecaster" - W. Buffet

"The one thing you do not hear is that he/she made a lot of money because she stayed invested in her great idea/company."

Winner’s Checklist
-Best ideas only
-Position size matters
-Be greedy when winning
-Materially adapt when you are l
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Alberto
May 29, 2017 rated it really liked it
More useful for investing than for trading, as the data becomes handy with long term (3+ years) strategies.

I liked the fact that the overarching thesis is backed up by data at every major point, the author took analyzed over one thousand trades and ran the numbers on what made them successful: it turns out that data supports the old adage "cut your losses, let your profits run".

There's a section at the beginning where many of the cognitive biases explored by Kahneman and Tversky are contextualis
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Kieran
Dec 12, 2019 rated it it was amazing
Shelves: investing
A concise look into the habits of professional investors.

The book is short but will give any investor something to think about.

The case is made for lower diversification, faster selling of losers (but not too fast), and when it comes to your winners - be boring and stick with them over the years. Sell small amounts over time. It is those one or two winners that make or break your returns. Jeff Bezos is not the richest man on the planet just because he started a business. He didn’t diversify and
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元伟 陈
Aug 26, 2020 rated it it was amazing
Shelves: investing
This is a really good read on investing! Learnt so much important concepts on execution. Here's my take to sum it all up; only invest in your best ideas and enter slowly over time but in large positions, when the price is falling, be a Hunter and materially adapt to buy more or be an Assassin and cut loss between 20-33%. Finally, when the price is going up, be a Connoisseur and exit slowly over time, and ride the winners to get multi-baggers. ...more
Worakan Vongsopanagul
Sep 09, 2021 rated it it was amazing
Shelves: investment
Actually 4.5 star.
This Book describe the fact that you can be wrong more than be right when come to stock or investment selection and still get a fabulous return.

The most important part is what you have done when your position is losing money or gaining money. That is the meaning of execution is.
The content in this book is not novel or special. However, it can change my investment idea.

For that reason I think this is a great book.
Sachin
Jan 16, 2022 rated it really liked it
A short and simple read on "Execution". There are two essential lessons that one can draw from this book: --

-Why cutting down on loosing investments is essential and how to do that -- Price based Stoploss and Time based Stoploss

- How to stay invested in winning investments -- keep trimming the position in small amount if psychologically it is difficult for you to hold an investment which is already up 30-40%+
...more
KARAN DESAI
Nov 09, 2019 rated it really liked it
You don’t have to worry about whether an investing idea works or not if you focus on how to invest in that idea, how much money you allocate to it and what you will do when you find yourself in a losing or winning position. This book is a good guide about skills which you need to adopt and habits to abandon to become a better investor
Josh Aucoin
Dec 20, 2019 rated it it was amazing
Excecution

Very simple guide for executing well when you are losing or winning in a stock. Breaking down the percentages from loss to break even was eye opening about how much it takes to make a winner out of a losing bet.
Good examples of ideas being implemented in stocks and why certain strategies are more successful than others.
Donn Lee
Nov 03, 2021 rated it it was amazing
A short read but packed with goodness! Never really thought that I’d ever be interested in active investing but this book really whetted my appetite. The systems-first strategy also appealed to my need for process and rules, and this book could just as well have been called “the science of execution”.
Jp Picard
Nov 08, 2021 rated it really liked it
Shelves: investing
A short and to-the-point book about the execution side of investing.

I would recommend this one because you could go through the book in a day or two (I went through it over the weekend camping) and it serves as a great reminder of the mistakes investors can make both on the upside and the downside.

I had never heard of the author prior, a mate in my investing community recommended it so I picked it up. the author splits investors into 5 categories/types, dividing types by default winning style
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Nick Clark
Apr 17, 2022 rated it it was ok
Too short for a book. Devoid of genuine insight. Claims counterfactually that Alan Greenspan's Irrational Exuberance remark happened in 2006 (p. 129; it happened in 1996 - hence the title of Robert Shiller's book in 2000). While irrelevant in the grander scheme of things, such mistakes dilute the credibly of the narrator. Here is little to learn. Spend your time elsewhere. ...more
Suresh Sharma
Jun 08, 2022 rated it really liked it
Book have some simple yet effective to execute ideas on when to sell stocks. Something which we all mostly miss as an investing trait. Lee freeman's experience of managing different fund managers and execution observation of successful and unsuccessful fund manager teach good lessons. Good to read and learn. ...more
Catherine Bertram
May 12, 2018 rated it really liked it
Helps in understanding heuristics

Good points only slight niggle is it could be more concise = however great summary at the end. A straightforward read easy to understand key points.
Andrew
Apr 18, 2019 rated it it was amazing
Investing Best Practice

Probably the best book I have read concerning best practices and discipline execution. A top 5 read for anyone looking to build long term wealth. A short, simple and illustrative read.
Ganesh
Jun 23, 2019 rated it really liked it
Quick and enjoyable read

The book talks about various types of investors and what they do when stock prices fluctuate. It also highlights winning strategies, which collectively act as key points to remember throughout one’s investing life.
Warren Mcpherson
Nov 27, 2020 rated it really liked it
Shelves: markets, ideas
Simple ideas, solid validation. This book follows a formula that is not very exciting and a bit anti-climatic but it seems to be a foundation for knowledge. This looks a human behavior that is associated with positive and negative outcomes in investment management.
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