PII: S1057-0810(99)00005-0


Book, Software and Website Reviews

Money Logic: Financial Strategies for the Smart Investor
Moshe A. Milevsky, Ph.D. with Michael Posner; Stoddart Publishing Co., Toronto,
Canada, 1999, ISBN 0-7737-3171-7.

Moshe Milevsky, a Finance Professor at York University, and Michael Posner, one of
Canada’s most respected financial journalists, have combined to produce an interesting and
useful new book for the Canadian investor.Money Logic: Financial Strategies for the Smart
Investorexamines a wide range of investment decisions using the concept of probability of
regret—the probability of one alternative underperforming another over the relevant time
horizon—to evaluate investment risk.

This is not an investments textbook. It lacks the breadth, rigor and ancillary materials needed
for a course textbook.Money Logicis an excellent book for the Canadian investing public. This
easily understood book covers a wide range of investment issues including dollar cost averaging,
mutual funds, international diversification and retirement planning using both fixed income and
equity instruments. The book is thoroughly grounded in Canadian tax law, Canadian financial
institutions and the Canadian economic system. This makes the book far superior to most United
States based personal investing books for a Canadian investor, but makes the text inappropriate
for most US investors. Of special interest to Canadian investors are the thorough discussion and
analysis of the Index-Linked Guaranteed Investment Certificate (ILGIC) and the Registered
Retirement Savings Plan (RRSP). The RRSP is covered over several chapters including both the
accumulation phase and retirement alternatives.

Canadian investors should give this book a try. It is interesting, well written and useful.

Douglas R. Kahl
Professor of Finance, University of Akron,

College of Business Administration,
Department of Finance, Akron, OH 44325-4803, USA

E-mail address:kahl@uakron.edu

Financial Services Review 7 (1998) 217

1057-0810/98/$ – see front matter © 1998 Elsevier Science Inc. All rights reserved.
PII: S1057-0810(99)00005-0