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The Theory and Practice of Rational Investing, Harry M. Markowitz worries about a "great confusion" that reigns in finance - namely, "the confusion between necessary and sufficient conditions for the use of mean-variance analysis." This is a serious matter. Mean-variance analysis has been the cornerstone of portfolio construction since Markowitz's seminal 1952 article. Meanwhile, academics and practitioners have been in constant search of the next holy grail that will guide the allocation of capital. Consider the endless stream of articles proposing enhancements to mean-variance analysis or substitutes for it. Substantial bodies of literature discuss optimizers that incorporate higher moments or attempt to replace variance with alternative risk measures. Another takes account of investors' so-called irrational tendencies. I recall a former colleague saying, "Let's not re-implement Harry Markowitz's PhD thesis for the millionth time. We can do better." But we have not. What are the objections to mean-variance analysis, and are they well grounded? Markowitz has devoted Risk-Return Analysis to these questions, concluding that mean-variance analysis is central to finance for good reason. This book proceeds in unhurried steps from a set of incontrovertible premises to the conclusion that mean-variance analysis is the best tool available for addressing a wide range of portfolio-construction problems.

The character and career of Sir Winston Churchill are both so protean that it is not surprising that there have been studies of the great man emphasizing innumerable aspects, running the gamut from military strategist and statesman to painter and gourmand. Certainly, Churchill as a literary figure is a topic also well worth considering. What other British prime minister won the Nobel Prize for literature? (It was awarded to him in the midst of his second premiership in 1953.) Interestingly, although it was widely believed that this accolade came to him because of his magisterial history of World War II, Jonathan Rose, Kenan professor of history at Drew University, informs us that it was the autobiography "My Early Life" that impelled the (neutral in World War II) Swedes. Well-researched and clearly informed by great admiration and attunement to its subject, "The Literary Churchill" is simply crammed with interesting facts like this - and not just about his oeuvre and his accomplishments. We find out about the origins of his writing with his discovery of it as a talent and much-needed boost as an indifferent student, his literary and theatrical tastes and his affinity for melodrama.

It's neither Big Data nor innovation, despite all the business books and management gurus touting the disruptive potential of each. It's the simple question, right there on the tip of your tongue. A new book demonstrates just how far an inquisitive mind can take you. Change usually starts with a question. Inquiry has toppled monarchs and empires throughout history. It's the basis of one of the earliest forms of education - the Socratic Method - used to train young minds in the rigours of critical thinking. Yet, it's a mostly ignored business tool, overlooked by executives trained in the MBA arts that "tend to place more value on answers, pronouncements, and promises," according to author Warren Berger. Questions also overturn business empires.

Jerome Booth, a British economist, investor, and entrepreneur, has written a refreshing book. Emerging Markets in an Upside Down World: Challenging Perceptions in Asset Allocation and Investment (Wiley, 2014) is not the usual whirlwind trip around the emerging market world-"if it's Tuesday it must be sub-Saharan Africa." Rather, Booth looks at some generally accepted notions that both inform and misinform emerging market investors and tries to set the record straight. The book is, to labor the travel metaphor, a tour of ideas conducted by a knowledgeable, articulate guide.

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As a Sherlock Holmes fan, I'm already partial to a character whose qualities include a calculating mind and a knack for intelligent quips. If he happens to be the main character in a heist plot, then I'm sold.

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