THE BIG INVESTMENT LIE
BIOGRAPHY MICHAEL EDESESS is an accomplished mathematician and economist with
experience in the investment, energy, environment, and sustainable development fields. He
recently authored a book about the investment services industry titled The Big Investment Lie,
published by Berrett-Koehler. He was a founding partner in 1994 and chief economist of the
Lockwood Financial Group until its sale to The Bank of New York in September 2002. Previously
an independent consultant to institutional investors, his clients included several of the largest
investment banking and consulting firms. His areas of expertise cover the range of applications of
mathematics to investments, including performance and risk measurement; Monte Carlo simulation
methods for asset-liability and asset allocation modeling and pension planning; dynamic hedging
using futures and options; style mix determination; backtesting; and quadratic mean-variance
optimization. Dr. Edesess has spoken at conferences on investment research and taught courses
in international finance, economics, mathematics, statistics, systems analysis, and environmental
policy at four universities. His articles have been published in the Wall Street Journal and the
Journal of Portfolio Management, and he has been interviewed on PBS and CNBC. He holds a
bachelor's degree from the Massachusetts Institute of Technology and M.A. and Ph.D. degrees in
pure mathematics from Northwestern University.
In addition to his work in investments, Dr. Edesess is active in the fields of environmental and
resource economics and international development. He has served as board chair of International
Development Enterprises USA, a nonprofit focusing on increasing the wealth of poor rural
smallholders in developing countries, Rocky Mountain Institute, a prominent energy think tank in
Snowmass, Colorado, and the Rocky Mountain Advisory Board of Environmental Defense. He has
written for numerous publications and spoken at conferences on energy, sustainable development,
economics, and investment. His articles on these topics have appeared in Technology Review,
Rising Tide, the Christian Science Monitor, Rocky Mountain News, and Pensions and Investments.
experience in the investment, energy, environment, and sustainable development fields. He
recently authored a book about the investment services industry titled The Big Investment Lie,
published by Berrett-Koehler. He was a founding partner in 1994 and chief economist of the
Lockwood Financial Group until its sale to The Bank of New York in September 2002. Previously
an independent consultant to institutional investors, his clients included several of the largest
investment banking and consulting firms. His areas of expertise cover the range of applications of
mathematics to investments, including performance and risk measurement; Monte Carlo simulation
methods for asset-liability and asset allocation modeling and pension planning; dynamic hedging
using futures and options; style mix determination; backtesting; and quadratic mean-variance
optimization. Dr. Edesess has spoken at conferences on investment research and taught courses
in international finance, economics, mathematics, statistics, systems analysis, and environmental
policy at four universities. His articles have been published in the Wall Street Journal and the
Journal of Portfolio Management, and he has been interviewed on PBS and CNBC. He holds a
bachelor's degree from the Massachusetts Institute of Technology and M.A. and Ph.D. degrees in
pure mathematics from Northwestern University.
In addition to his work in investments, Dr. Edesess is active in the fields of environmental and
resource economics and international development. He has served as board chair of International
Development Enterprises USA, a nonprofit focusing on increasing the wealth of poor rural
smallholders in developing countries, Rocky Mountain Institute, a prominent energy think tank in
Snowmass, Colorado, and the Rocky Mountain Advisory Board of Environmental Defense. He has
written for numerous publications and spoken at conferences on energy, sustainable development,
economics, and investment. His articles on these topics have appeared in Technology Review,
Rising Tide, the Christian Science Monitor, Rocky Mountain News, and Pensions and Investments.
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