New Ep is up! Today we get to talk to Joe Wiggins, author of The Intelligent Fund Investor: Practical Steps for Better Results in Active and Passive Funds. Joe is also a senior portfolio manager, putting the tools he describes in the book to work every day. Joe and I agree that equity markets are not efficient, but that doesn’t necessarily mean they are easy to beat for an active manager. I have also argued that I don’t envy wealth managers trying to pick successful active funds and their managers, because of the absence of a systematic way to do so. Joe’s book is a guide to doing just that. Beyond the book, we also talk about Cliff Asness and volatility laundering, Richard Thaler and myopic loss aversion, and Joe raises an interesting point about opportunities to create friction for the individual investor (is that a nudge or the opposite of a nudge, @R_Thaler ?) to treat the effects of loss aversion. I also share the story of how my mother the pre-school teacher was a much better investor than I was because of self-imposed illiquidity that lasted decades. Read Joe’s blog, follow him on Twitter and LinkedIn, and buy his book here.