Magazine article Newsweek International

Banker's Last Word

Magazine article Newsweek International

Banker's Last Word

Article excerpt

Byline: R. M. Schneiderman

For years, earnest investors have tried to beat the market (or paid someone hefty fees to attempt it for them). Yet in a new book called The Investment Answer, a terminally ill former banker says that may be the worst possible way to invest for the future.

For Gordon Murray, the former banker who co-wrote the book, such advice contradicts most of his life's work. Murray spent more than 20 years on Wall Street, trying to convince money managers that he could deliver better than average returns. Yet after retiring in 2002, Murray met coauthor Daniel Goldie, whom he hired to manage his money. The experience convinced him that he had been dead wrong.

This summer Murray found out that he was losing a battle with brain cancer and decided to jot down what he had learned. In the course of just 93 pages, he and Goldie argue that trying to beat the market is largely a futile, speculative enterprise. …

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