TD Waterhouse presents MoneyTalk and book review

with Patricia Lovett-Reid, Hon. FCSI, CFP and Senior Vice President, TD Waterhouse Canada Inc.

Patricia Lovett-Reid is the host of MoneyTalk, a national prime-time television program on personal finance, airing every Monday at 8:00 p.m. ET on the Business News Network (BNN).

Each week, MoneyTalk provides you with useful information about money, investment strategies and financial planning matters. To view past episodes, please visit the MoneyTalk website at www.bnn.ca/moneytalk

The Drunkard’s Walk: How Randomness Rules our Lives

Patricia Lovett-Reid reviews the book by Leonard Mlodinow

What is the probability that a sportsman or fund manager with a hot streak will continue being successful?

Leonard Mlodinow’s The Drunkard’s Walk is an eye-opening guide to how the mathematical laws of randomness affect our lives. Mlodinow explains how a lot of what happens to us — in our careers or managing our investments — is as much the result of chance as it is skill and hard work.

Mlodinow helps us to develop a framework for thinking about random situations and explains how to adjust our expectations, decisions and, in some cases, our portfolios.

Some would say the downturn in the market was a random event. If that is the case, how do you build a portfolio going forward? Mlodinow shows us how to approach this question.