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Since the 1950s, Warren Buffett and his partners have backed some of the twentieth century's most profitable, trendsetting companies. But how did they know they were making the right investments? What did Buffet and his partners look for in an up-and-coming company, and how can others replicate their approach? A gift to Buffett followers who have long sought a pattern to the investor's success, Inside the Investments of Warren Buffett presents the most detailed analysis to date of Buffet's long-term investment portfolio. Yefei Lu, an experienced investor, starts with Buffett's interest in the Sanborn Map Company in 1958 and tracks nineteen more of his major investments in companies like See's Candies, the Washington Post, GEICO, Coca-Cola, US Air, Wells Fargo, and IBM. Accessing partnership letters, company documents, annual reports, third-party references, and other original sources, Lu pinpoints what is unique about Buffett's timing, instinct, use of outside knowledge, and postinvestment actions, and he identifies what could work well for all investors in companies big and small, domestic and global. His substantial chronology accounts for broader world events and fluctuations in the U.S. stock market, suggesting Buffett's most important trait may be the breadth of his expertise.
Comprehensive coverage of the four major trading styles
Evolution of a Trader explores the four trading styles that people use when learning to trade or invest in the stock market. Often, beginners enter the stock market by: Buying and holding onto a stock (value investing). That works well until the trend ends or a bear market begins. Then they tryPosition trading. This is the same as buy-and-hold, except the technique sells positions before a significant trend change occurs. Swing trading follows when traders increase their frequency of trading, trying to catch the short-term up and down swings. Finally, people tryDay trading by completing their trades in a single day.
This series provides comprehensive coverage of the four trading styles by offering numerous tips, sharing discoveries, and discussing specific trading setups to help you become a successful trader or investor as you journey through each style.
"Trading Basics" takes an in-depth look at money management, stops, support and resistance, and offers dozens of tips every trader should know.
"Fundamental Analysis and Position Trading" discusses when to sell a buy-and-hold position, uncovers which fundamentals work best, and uses them to find stocks that become 10-baggers--stocks that climb by 10 times their original value.
"Swing and Day Trading" reveals methods to time the market swings, including specific trading setups, but it covers the basics as well, such as setting up a home trading office and how much money you can make day trading.
Build an agile, responsive portfolio with a new approach to global asset allocation Adaptive Asset Allocation is a no-nonsense how-to guide for dynamic portfolio management. Written by the team behind Gestaltu.com, this book walks you through a uniquely objective and unbiased investment philosophy and provides clear guidelines for execution. From foundational concepts and timing to forecasting and portfolio optimization, this book shares insightful perspective on portfolio adaptation that can improve any investment strategy. Accessible explanations of both classical and contemporary research support the methodologies presented, bolstered by the authors' own capstone case study showing the direct impact of this approach on the individual investor. Financial advisors are competing in an increasingly commoditized environment, with the added burden of two substantial bear markets in the last 15 years. This book presents a framework that addresses the major challenges both advisors and investors face, emphasizing the importance of an agile, globally-diversified portfolio. * Drill down to the most important concepts in wealth management * Optimize portfolio performance with careful timing of savings and withdrawals * Forecast returns 80% more accurately than assuming long-term averages * Adopt an investment framework for stability, growth, and maximum income An optimized portfolio must be structured in a way that allows quick response to changes in asset class risks and relationships, and the flexibility to continually adapt to market changes. To execute such an ambitious strategy, it is essential to have a strong grasp of foundational wealth management concepts, a reliable system of forecasting, and a clear understanding of the merits of individual investment methods. Adaptive Asset Allocation provides critical background information alongside a streamlined framework for improving portfolio performance.
Antilogic is the opposite to logic, not the absence of logic as in random or chaotic events but the mirror image of logic, in a similar relationship that antimatter has to matter. It is the systematic pursuit of a course of action that may on the surface appear rational or impressive but in reality is little more than a generator of vapour. As with a looking-glass, if the reality and its mirror image meet they negate each other.
The word, 'Antilogic' has very early origins having been associated with the Sophists in ancient Greece. It is, however, alive and strong in the modern world of business and finance. All too frequently people have difficulty in distinguishing logic from Antilogic and cash from Vapourcash. Most people will be familiar with examples of Antilogic, such as share prices that drop on good results and poor managers who are given golden farewells or large salary increases while good staff is worked to exhaustion.
This thought-provoking book challenges conventional wisdom and helps readers to see through the vapour. It sweeps through time and over continents, from the Yap islanders to the English mercantilists, from Groucho Marx to the indigenous peoples of Papua New Guinea. The author's wide-ranging knowledge and his astute business expertise will challenge, delight and inform the reader.
Get your financial life in order. This comprehensive and objective guidebook will help you grow your net worth on a steady and increasing basis, regardless of your income level. This new and expanded edition covers changes and strategies to maximize financial benefits and planning resulting from the recent tax legislation, beginning January 2018, and changes to the Affordable Care and Protection Act of 2010. Covering all the financial bases you can reasonably expect to confront in your lifetime, such as insurance, investing, income tax planning, Social Security, Medicare, and more, this vital resource begins with techniques to protect a consumer's personal and business assets. It then transitions into the wealth accumulation process and outlines tax management measures, as well as the distribution of wealth for higher education, retirement, and estate planning purposes. Written by an expert and long-standing educator in the field of personal financial planning, Plan Your Financial Future is a no-nonsense, straightforward, and holistic view of the financial planning process. It is the one resource you need to become a more knowledgeable saver and translate those savings into the accumulation of future wealth. What You'll Learn Insure yourself, your family, and your property against the possibility of significant loss Invest in financial or real assets-or both Implement effective tax planning and management techniques Distribute your estate at death to your intended beneficiaries in a tax-efficient manner Discover strategies to maximize financial health taking into consideration the new tax legislation, effective January 1, 2018 Who This Book Is For Regardless of whether you are a recent college graduate or have spent the past several decades in the working world, this book will give you the smart, commonsense advice you need to get your financial life in order.
This book examines what lies behind the uncertainties surrounding the fuel and power markets. Exploring the role of renewables and how they potentially disrupt or create opportunities, it challenges widely accepted wisdoms in investment. The author asks questions such as: Are "business as usual" strategies that favour fossil fuels the best route to future prosperity? What prospects do firms face when their competitors diversify into renewables? Why do generous subsidies to renewables often fail to achieve wide-scale deployment? Illustrating how real options and option games reasoning yield vastly different insights from those gained from NPVs, Energy Investments offers case studies and simulations to demonstrate how firms can benefit from the methods it showcases.
The market leading undergraduate investments textbook, Essentials of Investments by Bodie, Kane, and Marcus, emphasizes asset allocation while presenting the practical applications of investment theory. The authors have eliminated unnecessary mathematical detail and concentrate on the intuition and insights that will be useful to practitioners throughout their careers as new ideas and challenges emerge from the financial marketplace. The Tenth Edition includes increased attention to changes in market structure and trading technology, while continuing to be organized around one basic theme - that security markets are nearly efficient.
A half-century of Wall Street history as seen through the lives of its most illustrious family
Regardless of your trading methods, and no matter what markets you're involved in, there is a Commitments of Traders (COT) report that you should be reviewing every week. Nobody understands this better than Stephen Briese, an industry-leading expert on COT data. And now, with "The Commitments of Traders Bible, " Briese reveals how to use the predictive power of COT data--and accurately interpret it--in order to analyze market movements and achieve investment success.
Clearing houses, or CCPs, were among the very few organisations to emerge from the global financial crisis with their standing enhanced. In the chaotic aftermath of the bankruptcy of Lehman Brothers, they successfully completed trades worth trillions of dollars in a multitude of financial instruments across listed and over-the-counter markets, and so helped avert financial Armageddon.
That success transformed the business of clearing. Governments and regulators around the world gave CCPs and the clearing services they provide a front-line role in protecting the global economy from future excesses of finance. CCPs, which mitigate risk in financial markets, responded by greatly expanding their activities, notably in markets for over-the-counter derivatives, and often in fierce competition with one another.
In "The Risk Controllers," journalist and author Peter Norman describes how CCPs operate, how they handled the Lehman default, and the challenges they now face. Because central counterparty clearing is a complex business with a long history that continues to influence decisions and structures even in today's fast changing world, "The Risk Controllers" explores the development of CCPs and clearing from the earliest times to the present.
It draws on the experiences of the people who helped to shape the business of clearing today. It sets the development of CCPs and clearing in the broader context of changes in society, politics and regulation. The book examines turning points, such as the 1987 stock market crash, that set clearing on a new path and the impact of long running trends, including the exponential growth of computer power and the ebb and flow of globalisation.
Written in non-technical language, "The Risk Controllers" provides a unique and accessible guide to CCPs and clearing. It is essential reading for clearing professionals, legislators and regulators whose job it is to take this vitally important business into the future.
""The recent crisis has, thankfully, renewed interest in the importance of central counterparties: how they can help preserve stability or, as Hong Kong showed in 1987, undermine stability if they are not super sound. Peter Norman's book places the role of clearing houses in a historical context, and explains why the financial system's plumbing matters so much. It should be read by anyone interested in building safer capital markets.""
Paul Tucker, Deputy Governor Financial Stability, Bank of England
Despite the accepted fact that a substantial part of the risk and return of any portfolio comes from asset allocation, we find today that the majority of investment professionals worldwide are focused on security selection. Multi-Asset Investing: A Practitioner s Framework questions this basic structure of the investment process and investment industry. * Who says we have to separate alpha and beta? * Are the traditional definitions for risk and risk premium relevant in a multi-asset class world? * Do portfolios cater for the real risks in their investment processes? * Does the whole Emerging Markets demarcation make sense for investing? * Why do active Asian managers perform much poorer compared to developed market managers? * Can you distinguish how much of a strategy s performance comes from skill rather than luck? * Does having a performance fee for your manager create alignment or misalignment? * Why is the asset management transitioning from multi-asset strategies to multi-asset solutions? These and many other questions are asked, and suggestions provided as potential solutions. Having worked together for fifteen years, the authors present implementable solutions which have helped them successfully manage large asset pools. The Academic Perspective Multi-Asset Investing asks fundamental questions about the asset allocation investment processes in use today, and can have a substantial impact on the future structure of the finance industry. It clarifies and distils the techniques that investment professionals need to master to add value to client portfolios. Paul Smith, President & CEO, CFA Institute Pranay Gupta, Sven Skallsjo, and Bing Li describe the essential concepts and applications of multi-asset investing. Their treatment is far ranging and exceptionally lucid, and always with a nod to practical application. Buy this book and keep it close at hand. Mark Kritzman, MIT Sloane School of Management Innovative solutions to some of the most difficult investment problems we are faced with today. Multi-asset Investing tackles investment issues which don t have straight forward solutions, but nevertheless are faced by every investment professional. This book sets the standard for investment processes of all asset managers. SP Kothari, MIT Sloane School of Management The Asset Owner Perspective Multi-asset means different things to different people. This is the first text that details a comprehensive framework for managing any kind of multi-asset investment problem. Further, its explanation of the commercial aspects of managing a multi-asset investment business for an asset manager, private bank or asset owner make it an indispensable tool Sadayuki Horie, Dy. Chairman - Investment Advisory Comm., Government Pension Investment Fund, Japan Multi-Asset Investing shows the substantial scope there is to innovate the asset allocation process. With its novel approaches to allocation, portfolio construction and risk management it demonstrates the substantial value that can be added to any portfolio. The solutions proposed by Multi-Asset Investing are creative, thought provoking, and may well be the way all portfolios need to be managed in the future. Mario Therrien, Senior Vice President, Caisse de Depot et Placement du Quebec, Canada The Asset Manager s Perspective Never has astute asset allocation and diversification been more crucial than today. Asset Managers which are able to innovate their investment processes and products in this area, are more likely to be the winners. Multi-Asset Investing provides both simple and sophisticated, tested and implementable techniques for successfully managing multi-asset portfolios. Vincent Camerlynck, former CEO BNP Paribas Investment Partners, Asia Pacific The Investment Strategist Perspective For plan sponsors, portfolio managers, analysts and risk managers, Multi-Asset Investing is an unparalleled guide for portfolio management. Its approach to blending the quantitative and fundamental, top-down and bottom up and the risk and return frameworks makes it a valuable tool for any kind of investment professional. It clarifies a complex subject into a series of practical ideas to help add value to any portfolio. Ajay S. Kapur, Chief Strategist, BOA Merrill Lynch Asia
3rd edition with new foreword by Ian Cassel Wouldn't life be better if you were free of the daily grind - the conventional job and boss - and instead succeeded or failed purely on the merits of your own investment choices? Free Capital is a window into this world. Based on a series of interviews, it outlines the investing strategies, wisdom and lifestyles of 12 highly successful private investors. Each of them has accumulated GBP1m or more - in most cases considerably more - mainly from stock market investment. Six are 'ISA millionaires' who have GBP1m or more in a tax-free ISA, a result which is arithmetically impossible without exceptional investment returns. Some have several academic degrees or strong City backgrounds; others left school with few qualifications and are entirely self-taught as investors. Some invest most of their money in very few shares and hold them for years at a time; others make dozens of trades every day, and hold them for at most a few hours. Some are inveterate networkers, who spend their day talking to managers at companies in which they invest; for others a share is just a symbol on a screen, and a price chart shows most of what they need to know to make their trading decisions. Free capital - money surplus to immediate living expenses - is the raw material with which these investors work. It can also be thought of as their psychological habitat, free from the petty tribulations of office politics. Lastly, free capital describes the footloose nature of their assets, which can be quickly redirected towards any type of investment anywhere in the world, without the constraints which institutional investors often face. Although it presents many advanced insights and valuable investment hints, this is not an overly technical book. It offers practical ideas and inspiration, with revealing detail and minimal jargon, making it an indispensable read for novice and experienced investors alike.
You have a home-run startup idea and a whip-smart team to execute it. Everything should be in place to kick-start your company and secure funding. However, there is one more step that can make or break the entire deal: the pitch. Founders everywhere struggle to nail the perfect pitch to garner VC backing, and this book is here to help. Pitch Perfect by Haje Jan Kamps expertly teaches you how to tell your startup's story. To raise venture capital, it is absolutely crucial that your foundation is a story that is accessible, compelling, and succinct. Kamps uses his invaluable experiential knowledge to guide you through your presentation, from slide deck specifics to storytelling details to determining a fundamental philosophy for your business. In the process of creating and formulating a pitch deck and the story to go with it, founders often discover deep flaws in their business idea. Perhaps the market is non-existent. It could be that the "problem" isn't worth solving. Maybe the idea is so simple that it would be too easy to copy. Maybe it's already been done, or the team simply is not up to the job. Pitch Perfect has all of those bases covered so that you can excel. How do you convince an institutional investor to part with their money and fund your company? The small block of time you are given for a pitch holds your startup's future in its grasp. Learn how to craft your startup story in a way that will get people to lean into your message with Pitch Perfect. Your dream is only one pitch away.
This handbook in two parts covers key topics of the theory of financial decision making. Some of the papers discuss real applications or case studies as well. There are a number of new papers that have never been published before especially in Part II.Part I is concerned with Decision Making Under Uncertainty. This includes subsections on Arbitrage, Utility Theory, Risk Aversion and Static Portfolio Theory, and Stochastic Dominance. Part II is concerned with Dynamic Modeling that is the transition for static decision making to multiperiod decision making. The analysis starts with Risk Measures and then discusses Dynamic Portfolio Theory, Tactical Asset Allocation and Asset-Liability Management Using Utility and Goal Based Consumption-Investment Decision Models.A comprehensive set of problems both computational and review and mind expanding with many unsolved problems are in an accompanying problems book. The handbook plus the book of problems form a very strong set of materials for PhD and Masters courses both as the main or as supplementary text in finance theory, financial decision making and portfolio theory. For researchers, it is a valuable resource being an up to date treatment of topics in the classic books on these topics by Johnathan Ingersoll in 1988, and William Ziemba and Raymond Vickson in 1975 (updated 2nd edition published in 2006).
The Investment Trusts Handbook 2019 provides investors with investing essentials, cutting-edge expert views and powerful trends and data on investment trusts - often referred to as the City's best-kept secret. With contributions from key commentators, writers and leading industry experts, all edited by respected financial journalist Jonathan Davis, the handbook delivers for investors both private and professional, and is an indispensable companion for anyone looking to invest in the investment trusts arena.
Everything you need to know for long-term stock-market success-with critical new information about indexing, ETFs, and 401(k)s From one of today's most respected authorities on stock investing, Winning the Loser's Game explains how you can avoid common traps and succeed in today's volatile markets. Ellis presents the cold, hard facts about important changes in the market over the past 50 years, why succeeding with active investing has become more difficult, and how you can outperform markets for steady, long-term gain. With lower rates of return now and over the next several years, you need to rethink you overall approach to investing-and Ellis shows how in this heavily updated edition.
Q: Ladies, Do YOU Have What It Takes To Become A Forex Diva?
With this incredible new step-by-step guide, investing pro and TV personality Kiana Danial shows you exactly how to understand and take advantage of foreign currency trading.
Years ago, the author discovered that women in Japan were making a fortune trading currencies on the foreign exchange (forex) market. These ladies were not investment professionals or financial wizards; they were ordinary individuals who simply learned how the online currency exchange market works--and mastered it. Now you can do the same. In fact, you're about to see just how easy it can be to trade on the largest and most liquid financial market in the world.
Kiana Danial spent years studying the habits of investors and discovered that women frequently make smarter, wiser, and less-risky investment choices than their male counterparts. This is precisely why she founded InvestDiva.com--the woman's guide to smart, safe, and profitable trading.
By tapping into women's intuitive knack for multitasking and risk management, the author demonstrates why a woman's natural skill sets make her uniquely equipped to reap the enormous rewards of this extremely lucrative field. "Invest Diva" will show you: How the global currency market works Why social, political, and cultural events shape trading The smartest short- and long-term strategies Best practices for navigating the economic calendar
Plus, you'll learn how to identify investment opportunities and spot trends using the five points of the Invest Diva Diamond:
* Technical Analysis * Fundamental Analysis * Sentimental Analysis * Capital Analysis * Overall Analysis
From her popular blog to her worldwide TV and web presence, Danial has become famous for making complex topics fun and easy to understand via simple, everyday analogies. With "Invest Diva," she shows women everywhere the stress-free way to trade currencies--without ever leaving home. What the Boys of Wall Street don't want you to know . . .
After years of studying the principles of the foreign currency exchange market, financial expert and financial correspondent Kiana Danial gets to the bottom of today's most curious investment phenomenon: Why are women suddenly making a fortune trading currencies? The answer is inside this book, along with a roadmap designed to show you how and why forex can work for you.
""Kiana Danial breaks down a sophisticated foreign exchange market with memorable analogies that can help the most financially illiterate person understand and gain passion in following the markets the way Ms. Danial does."" -- FAN YANG, CMT, CEO, FXTimes.com
""A must-read if you're considering trading any market or need to know more about trading the forex market. Kiana is an experienced market analyst and a gifted communicator whose book confirms what a lot of men are coming to realize--that women have an edge in trading because they understand the value of analyzing and planning before they risk their time and money."" -- JAY NORRIS, founder, Trading University, and author of Mastering the Currency Market and Mastering Trade Selection and Management
With nearly a million copies sold, "Security Analysis" has been continuously in print for more than sixty years. No investment book in history had either the immediate impact, or the long-term relevance and value, of its first edition in 1934. By 1951, seventeen years past its original publication and more than a decade beyond its revised and acclaimed 1940 second edition, authors Benjamin Graham and David Dodd had seen business and investment markets travel from the depths of Depression to the heights of recovery, and had observed investor behavior during both the calm of peacetime and the chaos of World War II.
The prescient thinking and insight displayed by Graham and Dodd in the first two editions of "Security Analysis" reached new heights in the third edition. In words that could just as easily have been written today as fifty years ago, they detail techniques and strategies for attaining success as individual investors, as well as the responsibilities of corporate decision makers to build shareholder value and transparency for those investors.
The focus of the book, however, remains its timeless guidance and advice--that careful analysis of balance sheets is the primary road to investment success, with all other considerations little more than distractions. The authors had seen and survived the Great Depression as well as the political and financial instabilities of World War II and were now better able to outline a program for sensible and profitable investing in the latter half of the century.
"Security Analysis: The Classic 1951 Edition" marks the return of this long-out-of-print work to the investment canon. It will reacquaint you with the foundations of value investing--more relevant than ever in tumultuous twenty-first century markets--and allow you to own the third installment in what has come to be regarded as the most accessible and usable title in the history of investment publishing.
A "hands-on" guide to applied equity analysis and portfolio management From asset allocation to modeling the intrinsic value of a stock, Applied Equity Analysis and Portfolio Management + Online Video Course offers readers a solid foundation in the practice of fundamental analysis using the same tools and techniques as professional investors. Filled with real-world illustrations and hands-on applications, Professor Weigand's learning system takes a rigorous, empirical approach to topics such as analyzing the macro-finance environment, sector rotation, financial analysis and valuation, assessing a company's competitive position, and reporting the performance of a stock portfolio. Unlike typical books on this subject which feature chapters to read and exercises to complete this resource allows readers to actively participate in the learning experience by completing writing exercises and manipulating interactive spreadsheets that illustrate the principles being taught. The learning system also features instructional videos that demonstrate how to use the spreadsheet models and excerpts from the author's blog, which are used to depict additional examples of the analysis process. Along the way, it skillfully outlines an effective approach to creating and interpreting outputs typically associated with a top-down money management shop including a macroeconomic forecasting newsletter, detailed stock research reports, and a portfolio performance attribution analysis. * Covers topics including active and passive money management, fundamental analysis and portfolio attribution analysis * Companion streaming videos show how to use free online data to create yourown analyses of key economic indicators, individual stocks, and stock portfolios * A valuable resource for universities who have applied equity analysis and portfolio management courses Practical and up-to-date, the book is an excellent resource for those with a need for practical investment expertise.
Ken Fisher explains what the competition doesn't know
From investment expert and long-time "Forbes" columnist Ken Fisher comes the "Second Edition" of "The Only Three Questions That Count." Most investors know the only way to consistently beat the markets is by knowing things others don't. But how can investors consistently find unique information in an increasingly interconnected world?
In this book, Ken Fisher shows investors how they can find more usable information and improve their investing success rate--by answering just three questions.
Packed with more than 100 visuals and practical advice, "The Only Three Questions That Count" is an entertaining and educational guide to the markets. But it also provides a useable framework investors can use now and for the rest of their investing careers.CNBC's "Mad Money" host and money manager James J. Cramer says the book "may be the single best thing you could do this year to make yourself a better investor"Steve Forbes says, "Investors will find this brilliant book an eye-opening, capital-gains producing experience"
The key to improving investing results is daring to challenge yourself and whatever you believe to be true, and Ken Fisher explains how in his own inimitable style.
A detailed look at what really happens in the front office of an investment bank and why
Trading floors have always fascinated people, but few understand the role they play in the world of finance today. Though markets rise and fall every day, the drivers of those are rarely explored. Those who understand the dynamics of trading floors will better understand the dynamics of global financial markets. This book reveals the key players on the floor, their roles and responsibilities, how they serve their clients, and how it all impacts the markets. It also explains important terminology, explains the world of trading both cash and derivatives, and much more.
Includes a foreword by Gillian Tett, author of "Fool's Gold: How Unrestrained Greed Corrupted a Dream, Shattered Global Markets and Unleashed a Catastrophe."
Terri Duhon (www.terriduhon.co) is a financial market expert who in 2004 founded B&B Structured Finance Ltd, which provides expert consulting and financial markets training . Her time on the trading floor has been documented in the book Fool's Gold as well as by PBS's Frontline.
""Every investor stands to benefit from Zask's long experience and winning narrative."" -- Donald H. Putnam, Managing Partner, Grail Partners LLC
""An easy-to-understand history lesson and guide to the often misunderstood world of hedge funds . . . a no-nonsense explanation of the industry written so that just about anyone can understand it. I highly recommend it."" -- Mitch Ackles, President of The Hedge Fund Association EVERYTHING YOU NEED TO KNOW TO FIND BIG PROFITS IN HEDGE FUNDS
"All About Hedge Funds," Second Edition, is an easy-to-understand introduction to using hedge funds in any investing strategy. Hedge fund founder and longtime expert on the subject Ezra Zask examines where the industry stands today and where it is headed to help you determine how best to use hedge funds in your own portfolio. "All About Hedge Funds" provides: A detailed history of the hedge fund industry Criticism--fair and unfair--of hedge funds Hedge fund investing strategies Information on using hedge funds to allocate your portfolio
Despite social and economic advances around the world, poverty and disease persist, exacerbated by the mounting challenges of climate change, natural disasters, political conflict, mass migration, and economic inequality. While governments commit to addressing these challenges, traditional public and philanthropic dollars are not enough. Here, innovative finance has shown a way forward: by borrowing techniques from the world of finance, we can raise capital for social investments today. Innovative finance has provided polio vaccines to children in the DRC, crop insurance to farmers in India, pay-as-you-go solar electricity to Kenyans, and affordable housing and transportation to New Yorkers. It has helped governmental, commercial, and philanthropic resources meet the needs of the poor and underserved and build a more sustainable and inclusive prosperity. Capital and the Common Good shows how market failure in one context can be solved with market solutions from another: an expert in securitization bundles future development aid into bonds to pay for vaccines today; an entrepreneur turns a mobile phone into an array of financial services for the unbanked; and policy makers adapt pay-for-success models from the world of infrastructure to human services like early childhood education, maternal health, and job training. Revisiting the successes and missteps of these efforts, Georgia Levenson Keohane argues that innovative finance is as much about incentives and sound decision-making as it is about money. When it works, innovative finance gives us the tools, motivation, and security to invest in our shared future.
Maximize profits with the perfect balance between risk and reward
Municipal bonds have traditionally given investors a reliable investment while providing state and local governments with an essential tool for funding public infrastructure projects. Now, the threat of municipalities defaulting and dramatic changes to the muni market's fundamental operations have created an attractive hotbed of opportunity for today's top institutional investors.
"Investing in""Municipal Bonds "is the retail investor's road map to the lucrative market that is fueling the digital and physical highways of the future.
Only Dr. Philip Fischer can offer such a brilliantly practical amalgam of big-picture financial theory and nuts-and-bolts bond calculations. His crystal-clear explanation of the muni market covers every aspect, including the various "personalities" and traits of different types of bonds. His hands-on strategies for earning more from your money will keep this book at your fingertips as you customize a profitable municipal bond portfolio to achieve your financial goals.
Political and business leaders as well as financial professionals seek Dr. Fischer's knowledge and firsthand insights into municipal securities, from day-to-day trading to milestone events like the 2008 financial crisis.
"Investing in Municipal Bonds "shows you how it's done on Wall Street, providing a wealth of pertinent examples from the real world. You can rely on this powerful guidebook for the know-how and skill set you need to confidently: Invest in fixed-rate and variable-rate bonds, including Variable Rate Demand Obligations (VRDOs) Identify different types of bonds and determine how they will be repaid Execute municipal bond-yield calculations Navigate the derivatives market, including LIBOR interest-rate swaps Weigh the benefits of taxable municipal bonds Research municipal securities using the online database of the Municipal Securities Rule Making Board (MSRB)
Bond yields will eventually rebound from these historic lows and bring increased risk. "Investing in Municipal Bonds "will give you the knowledge you need to adjust your risk and balance profi t for continued success toward your financial goals.
Praise for "Investing in Municiple Bonds"
"In addition to an accessible discussion of this unique market's
financial structures, Fischer provides the historical context for
why the market evolved the way it did--and how that history may
influence municipal bond investments in an era of slow economic
growth and rising costs for retirees."
"If there were a graduate program in Municipal Finance, Dr.
Fischer's treatise would quickly climb to the top of the
"Dr. Fischer brings a 'what you need to know' approach to the
novice and the experienced practitioner alike. He poignantly
relates how the very nuanced market structure influences and prices
this market. Even with my over 25 years in the business, this book
earns a trophy spot on my muni reference shelf."
"A well-written, thorough, and meticulous primer to the history,
the instruments, and the segments that comprise the municipal bond
"If you would like to learn more about municipal bonds so that
you know how to check off each item on the checklist, I highly
recommend buying "Investing in Municipal Bonds.""
This book provides a guide to the complexities of modern finance. It describes the basics of investment and the sophisticated innovations of the modern financial system. It explains how the follies of finance have threatened the stability of the world economy, and describes an environment that is complex and sophisticated, but greedy, cynical and self-interested. This book explains how to put your finances in the only hands you can confidently trust - your own. Readers will learn everything they need to be their own investment manager. They will recognise their investment options, the institutions that try to sell them, and how to distinguish between fact and fiction in what companies say. They will discover the principles of sound investment and the research that supports these principles. Crucially, they will learn a practical investment strategy and how to implement it. Leading economist and hugely successful investor John Kay uses his academic credentials and practical experience to lay out the key principles of investment with characteristic clarity and dry humour. This is the only book about finance and investment anyone needs, and the one book they must have.
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