Richard Oldfield was an investment manager for three decades, and he evaluated and appointed investment managers for a decade. His book, Simple but not Easy: A Practitioner’s Guide to the Art of Investing, was first published in 2007, and his second edition, that I review here, came out in 2021. The quality of the writing makes it a pleasure to read, but it comes from a time when “investing” meant stock picking, and few doubted that active investing based on star managers was the be...
